Nigerian Stock Market Drops N959bn Amid Profit-Taking

The Nigerian stock market experienced a downturn, losing N959 billion as investors engaged in profit-taking, particularly affecting Aradel Holdings Plc, which saw its stock price drop by 10%. The Nigerian Exchange's All-Share Index (ASI) fell by 1,493.71 basis points, or 0.64%, closing at 233,580.83 basis points, down from 235,074.54 basis points at the start of trading.

The market capitalization decreased to N149.89 trillion, compared to N150.85 trillion the previous day. The market breadth was largely negative, with 34 stocks declining while only 14 advanced.

Notable gainers included Legend Internet, Neimeth International Pharmaceuticals, and Abbei Mortgage Bank, which rose by 9.60%, 7.10%, and 5.45%, respectively. Conversely, Aradel Holdings led the losers' chart, followed by Nationwide Express and Regency Alliance Insurance.

Trading volume decreased by 19.35% to 393.649 million units, valued at N19.212 billion across 45,813 transactions. Analysts noted a subdued trading session, reflecting persistent bearish sentiment among investors.