Nigerian Stock Market Drops N3.6 Trillion on Profit-Taking

The Nigerian stock market saw a significant drop of N3.6 trillion, reversing gains from the previous two sessions, primarily driven by profit-taking activities in BUA Cement, which experienced a 10% decline. The Nigerian Exchange's All-Share Index (NGX ASI) lost 5,668.65 basis points, closing at 235,074.54 basis points, marking a month-to-date return of -6.1% and a year-to-date return of -51.1%.

The market performance was bearish across various sectors, with industrial goods down by 8.3%, insurance by 1.0%, banking by 0.7%, consumer goods by 0.3%, and oil and gas by 0.1%. The market breadth was largely negative, with 38 decliners outpacing 17 advancers.

Skywai Aviation emerged as the highest price gainer, increasing by 9.92% to close at N171.20 per share. In contrast, Dangote Cement, BUA Cement, and Geregu Power led the losers, each dropping by 10%.

Total trading volume decreased by 10.1% to 488.04 million units, valued at N20.92 billion across 46,161 deals. Investors adopted a cautious stance amid the market's sharp correction.