Nigerian Stock Market Declines N366bn Amid Profit-Taking

The Nigerian stock market's capitalization decreased by N366 billion week-on-week, closing at N160.077 trillion amid profit-taking activities. The Nigerian Exchange (NGX) All-Share Index (ASI) fell by 0.25% to close at 249,712.37 basis points.

Year-to-date returns reflect a moderate increase of 3.60%. The market breadth weakened, with 43 gainers versus 53 decliners, indicating limited buying interest.

BUA Cement Plc saw a 3.5% decline, while Sovereign Trust Insurance led the decliners with a 22.45% drop. Total turnover reached 3.875 billion shares valued at N161.757 billion across 334,745 deals, contrasting with the previous week's 7.772 billion shares worth N374.040 billion.

The financial services industry was the most active, contributing 62.19% of the total equity turnover. Analysts from Cowry Asset Management and Cordros Securities expect the market to remain subdued in the near term due to a lack of positive catalysts and ongoing profit-taking.