Stock Market Sustains Profit-taking Momentum, Drops by N781bn

The Nigerian stock market experienced a significant decline, with a loss of N781 billion in market capitalization. The Nigerian Exchange Limited Index (NGX ASI) dropped by a certain percentage, settling at a lower level.

Market sentiment remained negative, with 45 stocks declining compared to only 16 gainers. Jaiz Bank saw the highest price gain, while companies like International Energy Insurance and Veritas Kapital Assurance were among the top losers.

BUA Cement and Julius Berger also experienced declines in their share prices. Overall market performance was weak, with Afrinvest Limited predicting continued negative investor sentiment.

The total volume of trade decreased, with Fidelity Bank leading in activity. The market is expected to continue facing challenges, impacting its overall performance.