Nigerian Stock Market Loses N170bn as Investors Trigger Mid-Cap Selloff Amid Profit-Taking

The Nigerian equities market ended trading on a weak note on Thursday, wiping off about N170 billion in investor wealth as a wave of profit-taking hit several mid-cap stocks. The market capitalisation slipped from N161.839 trillion at the opening to N161.669 trillion at close, reflecting a cautious shift in investor mood after recent gains. The All-Share Index also dipped slightly by 0.11%, closing at 252,243.11 points.

Despite the decline in overall market value, trading activity showed a mixed picture. Market breadth remained mildly positive, with 37 stocks recording gains compared to 28 losers. This suggests that while some investors were cashing out on recent rallies, others were still actively buying into undervalued or emerging opportunities across the board.

Leading the gainers’ chart was Learn Africa, which surged 10% to close at N9.90, followed closely by Fidson Healthcare, up 9.97% at N124.60. Other notable performers such as Austin Laz, Berger Paints, and Deap Capital also posted strong gains, highlighting continued interest in select industrial and healthcare-related stocks.

On the flip side, selling pressure weighed heavily on stocks like Zichis, which dropped 9.99%, and FTN Cocoa, which fell 9.87% as investors locked in profits from recent highs. Meyer, RT Briscoe, and Neimeth also ended the session in the red, adding to the overall market downturn.

Market analysts noted that the session reflected a broader rotation trend, with investors shifting focus between sectors such as pharmaceuticals and industrials while exiting agro-allied and services stocks. The move suggests growing caution as the market consolidates after crossing the 250,000-point milestone earlier in the week, with attention now turning to upcoming earnings reports and economic indicators.

source: punch