Nigeria’s stock market suffered a sharp downturn as the Nigerian Exchange Limited (NGX) shed a massive N1.347 trillion in market value, reflecting growing investor caution and widespread sell-offs. The drop was largely driven by profit-taking activities and a shift to safer assets, as investors pulled funds from major stocks across key sectors.
The benchmark All-Share Index fell by 2,098.31 points, representing a 0.86 per cent decline to close at 241,750.15 points. In the same vein, overall market capitalisation dropped to N155.152 trillion, underlining the scale of the sell-off and its impact on investor confidence.
Heavyweight stocks played a major role in dragging the market lower. Companies such as Aradel Holdings, MTN Nigeria Communications, Guinness Nigeria, Beta Glass, and Lafarge Africa recorded notable price declines. Analysts at Cowry Assets Management Limited expect cautious trading to persist as investors continue to reposition their portfolios.
Interestingly, despite the overall decline, market sentiment showed some resilience. A total of 45 stocks recorded gains, outperforming 26 losers. R.T. Briscoe Nigeria led the gainers with a 10 per cent rise, followed by McNichols Plc, Vitafoam Nigeria, and Zichis Agro Allied Industries, all posting similar gains. Chemical and Allied Products and Dangote Sugar Refinery also saw strong price appreciation.
On the flip side, Guinness Nigeria topped the losers’ chart with a 10 per cent drop, while Union Dicon Salt, AIICO Insurance, Wema Bank, and MTN Nigeria Communications also recorded significant losses. Meanwhile, trading activity surged, with total volume rising by 31.09 per cent to 1.268 billion units valued at N75.226 billion across 102,665 deals. FCMB Group led trading volume, followed by Guaranty Trust Holding Company, Access Holdings, Zenith Bank, and Fidelity Bank, highlighting sustained investor activity despite the bearish trend.
source: punch