Nigerian Stock Market Drops by N479 Billion Amid Profit-Taking

The Nigerian stock market closed on a negative note, experiencing a significant drop in market capitalization by N479 billion. This downturn was primarily driven by profit-taking activities in PZ Cussons Nigeria Plc and 36 other listed companies.

Consequently, the Nigerian Exchange Limited All Share Index (NGX ASI) saw a dip of 874.00 points, representing a 0.35% decrease, to settle at 246,686.66 basis points. This movement moderated both the Month-to-Date and Year-to-Date returns to -1.5% and +58.5%, respectively. The market breadth remained weak, with 37 declining stocks compared to only 14 gainers, indicating a predominantly bearish sentiment.

Among the top gainers, International Energy Insurance led with a 9.86% increase to N5.46 per share, followed by Trans-Nationwide Express (7.14% gain) and Neimeth International Pharmaceuticals (6.80% gain). Living Trust Mortgage Bank and Abbey Mortgage Bank also recorded modest gains.

On the losing side, PZ Cussons Nigeria and CWG both fell by 10%, closing at N88.20 and N21.60 respectively. Associated Bus Company declined by 9.95%, Wema Bank depreciated by 9.09%, and Sovereign Trust Insurance shed 8.16%.

Total traded volume decreased by 47.9% to 587.64 million units, valued at N23.06 billion, across 63,954 deals. Access Holdings dominated trading activity with 113.096 million shares valued at N2.707 billion. Zenith Bank and Consolidated Hallmark Holdings also saw substantial trading volumes. Looking ahead, Cowry Assets Management Limited anticipates a mixed market sentiment in the next trading session.

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The market sentiment is expected to remain mixed in the next trading session.