Nigerian Stock Market Drops N1.17trn Amid Profit-Taking

The Nigerian stock market closed negatively, with a total capitalization loss of N1.17 trillion, driven by a 4.73% drop in shares of MTN Nigeria Communications (MTNN) Plc, a 4.11% decline in Dangote Sugar Refinery Plc, and a 1.41% decrease in First Holdco Plc. The Nigerian Exchange Limited All-Share Index (NGX ASI) fell by 1,806.18 basis points or 0.73%, ending at 246,723.57 basis points, down from 248,529.75 basis points.

The market's year-to-date return decreased to 58.55% from 59.71%. Sectoral performance was mixed, with declines in the NGX Consumer Goods and NGX Banking indices, while the NGX Insurance Index saw a slight increase.

Despite the overall decline, 27 stocks gained, with FTN Cocoa leading with a 9.88% increase. The total volume traded rose by 270.4% to 3.91 billion units, valued at N32.38 billion.

Cowry Assets Management Limited indicated that the market may gradually trend bullish, although profit-taking could limit recovery.