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 (NGX: MTNN) 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 (NGX: NGXGROUP) 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 (NGX: VITAFOAM), and Zichi Agro, each rising by 10%. On the other hand, Guinness Nigeria (NGX: GUINNESS) 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.