Nigerian Stock Market Drops N40.99bn After Four-Day Rise

The Nigerian stock market, under the Nigerian Exchange Limited (NGX), halted its four-day positive momentum, dropping by N40.99 billion on October 3, 2023, due to profit-taking in Access Holdings Plc and 28 other quoted companies. Following the FTSE Russell's reclassification of Nigeria from “Unclassified” to “Frontier Market” status, the market had seen positive investor sentiment.

The market capitalization opened at N158.956 trillion but closed at N158.915 trillion, reflecting a decline of 0.03 percent. The NGX All-Share Index decreased by 63.46 basis points, settling at 246,019.17 basis points.

Sector performance was mixed, with declines in Banking (-0.6 percent) and Consumer Goods (-0.2 percent), while Insurance (+2.7 percent), Oil & Gas (+0.3 percent), and Industrial Goods (+0.2 percent) indices advanced. Despite the decline, 33 stocks advanced while 29 declined.

The total volume traded fell by 34.47 percent to 426.840 million units, valued at N28.438 billion. Cowry Assets Management Limited expressed expectations of continued positive market sentiment.