Nigerian Stock Market Declines by N782 Billion

The Nigerian stock market fell by N782 billion, driven by profit-taking across various stocks, including GTCO and 36 others. The NGX share index decreased by 1,219.93 basis points, closing at 241,984.80 basis points, with a negative market breadth of 37 decliners against 19 advancers.

Conoil and Prestige Assurance were the highest price gainers, appreciating by 10% to close at N213.00 and N1.57, respectively. Neimeth International Pharmaceuticals followed with a gain of 9.74%, closing at N8.45 per share.

Conversely, Vitafoam Nigeria led the losers, declining by 10% to close at N5.76, while Austin Laz Company and Sunu Assurance also saw significant declines of 9.93% and 9.82%, respectively. Total trading volume decreased by 38.5% to 457.92 million units, valued at N27.23 billion across 50,332 transactions.

Cowry Asset Management indicated a cautious market outlook, while Imperium Asset Management advised investors to focus on fundamentally sound stocks.