Nigerian Stock Market Drops N1.9trn Amid Sell-off

On the previous trading day, the Nigerian stock market closed lower, with a significant decline of N1.922 trillion in market capitalization, bringing the total to N153.859 trillion. This drop was primarily driven by a sell-off in Dangote Cement Plc, which fell by 4.9%.

The Nigerian Exchange Limited's All-Share Index (NGX ASI) decreased by 2.994 points, or 1.23%, to close at 239,734.61. The market's negative performance was attributed to price depreciation in large and medium-cap stocks, including Dangote Cement, BUA Cement, Nestlé Nigeria, Lafarge Africa, and Skyway Aviation Handling Company.

Despite this, the market breadth showed a positive trend with 41 gainers compared to 30 losers. FTN Cocoa Processors recorded the highest gain of 9.99%, closing at N212.50 per share.

In contrast, Universal Press led the losers with a 10% decline, closing at N4.50 per share. The total volume of shares traded rose by 29.34% to 1.830 billion units, valued at N72.168 billion across 81,131 transactions.

Cowry Asset Management Limited anticipates a market recovery in the upcoming sessions.