Nigerian Stock Market Loses N813 Billion Amid Profit-Taking

The Nigerian stock market, represented by the Nigerian Exchange Limited (NGX), experienced a decline of N813 billion last week, primarily due to profit-taking in BUA Foods Plc, MTN Nigeria Communication (MTNN) Plc, BUA Cement Plc, and Airtel Africa Plc. The NGX All-Share Index fell by 0.52% week-on-week, closing at 250,808.27 basis points, while the market capitalization ended at N162.843 trillion.

Despite this decline, the market breadth was positive, with 44 gainers compared to 37 losers. ABC Transport led the gainers with a 45.10% increase, closing at N7.40 per share.

In contrast, Sovereign Trust Insurance topped the decliners with a 12.50% drop, closing at N2.10 per share. A total turnover of 3.166 billion shares worth N155.023 billion was traded over the week, a decrease from the previous week's 4.689 billion shares valued at N240.824 billion.

The Financial Services Industry led trading activity, contributing significantly to the total turnover. Analysts predict continued cautious and volatile trading in the coming week as investors secure profits following strong year-to-date gains.