Nigerian Stock Market Drops N577bn Amid Profit-Taking

On the Nigerian stock market, a significant drop of N577 billion occurred as investors engaged in profit-taking activities, ending an 11-day streak of gains. The market capitalization concluded at N121.553 trillion, with the Nigerian Exchange Limited's All-Share Index (NGX ASI) depreciating by 899.50 basis points, or 0.47%, closing at 189,362.94 basis points.

Year-to-date returns were reported at 14.5% and 21.7%, respectively. The banking sector saw a decline of 3.7%, while the insurance index fell by 0.6%, the industrial goods index by 0.5%, the oil and gas index by 0.1%, and the consumer goods index by 2.5%.

Despite the overall market decline, 44 stocks advanced compared to 40 that declined. ABC Transport recorded the highest price gain at 9.94%, closing at N9.07 per share.

The total volume of trade decreased by 8.63% to 1.200 billion units, valued at N60.193 billion across 86,607 transactions. Imperi Asset Management Limited anticipates a mixed market performance in the near term, advising caution and recommending bargain hunting for fundamentally sound dividend-paying stocks.