Nigerian equities market loses N2.28trn due to profit-taking pressure
via Punch Nigeria2 min read
The Nigerian domestic bourse experienced its third consecutive loss on Wednesday, with widespread profit-taking activity leading to a N2.28 trillion reduction in the equities market capitalization. This bearish trend caused key performance indicators to decline, primarily driven by price depreciation in large and medium-capitalized stocks. The All-Share Index fell by 3,736.05 points, a 1.51 percent decrease, closing at 243,132.61 points, which brought the year-to-date return down to 56.24 percent. The market capitalization of listed equities also decreased to N155.94 trillion. Market analysts attributed this contraction to profit-taking in premium equities such as MTN Nigeria Communications, Lafarge Africa, Nigerian Exchange Group, FBN Holdings, Nigerian Breweries, and Zichis Agro Allied Industry. Analysts at Cowry Assets Management Limited noted that investor sentiment remained weak amid the sell-offs, expecting the bearish tone to continue. The market breadth was broadly negative, with 43 decliners and 15 advancers. Lafarge Africa led the losers with a 9.97 percent drop, followed by Zichis Agro Allied Industry, which fell 9.82 percent. Conversely, Abbey Mortgage Bank was the top gainer, rising 9.93 percent. Despite the equity price depreciation, market liquidity strengthened, with total volume traded increasing by 57.1 percent to 922.97 million units, valued at N42.27 billion, across 69,332 deals. Sterling Financial Holdings led the activity chart with 264.59 million shares
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This summary was AI-generated from a story originally published by Punch Nigeria.
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