Nigerian Stock Market Falls N1.35 Trillion on Profit-Taking

On the previous trading day, the Nigerian stock market dropped by N1.35 trillion, attributed to profit-taking in MTN Nigeria Communications Plc and 25 other companies, leading to a broad sell-off across the market. MTN Nigeria's shares depreciated by 8.7%, causing the Nigerian Exchange Group All-Share Index (NGX ASI) to decline by 2,098.31 basis points, or 0.86%, closing at 241,750.15 basis points.

Despite this downturn, the market's year-to-date return was moderate at 0.2%, with a total market capitalization of N155.152 trillion. The market breadth remained positive, with 45 gainers outpacing 26 decliners.

Notable gainers included RT Briscoe Nigeria, Vitafoam Nigeria, and Zichi Agro, each rising by 10%. On the other hand, Guinness Nigeria led the losers with a 10% decline.

Total trading volume increased by 31.09% to 1.268 billion units, valued at N75.226 billion across 102,665 transactions.