The Nigerian stock market opened March 2025 on a downturn, as investors engaged in profit-taking across various stocks, including NASCON Allied Industries Plc. The market saw a 0.34% decline, with the Nigerian Exchange Limited All-Share Index (NGX ASI) falling by 366.26 basis points, closing at 107,455.13 points. Despite this, the market capitalization rose by N95 billion (0.14%) to N67.288 trillion, driven by the listing of additional shares from Fidelity Bank.
Market performance was mixed, with 20 stocks gaining and 33 losing. Learn Africa and Nigerian Exchange Group were the top gainers, each rising by 10%, while Champion Breweries followed closely with a 9.90% increase. Other notable gainers included ABC Transport and Tantalizer, which saw gains of 9.86% and 9.47%, respectively.
On the losing side, Ikeja Hotel experienced the most significant drop, losing 9.92% to close at N10.90. United Capital and Cutix also saw substantial declines of 9.91% and 9.84%, respectively. Other major losers included Multiverse Mining & Exploration and Africa Prudential, which both saw losses of nearly 10%.
Trading volume dropped by 32.77%, with a total of 308.809 million units worth N7.232 billion transacted across 15,474 deals. Zenith Bank led the market activity, accounting for 32.373 million shares worth N1.556 billion. Analysts at Afrinvest Limited predict that the bearish trend may persist, as the market continues to lack positive catalysts.
SOURCE: THIS DAY