Nigerian Stock Market Records N294 Billion Loss On Profit-Taking

The Nigerian stock market continued to fall as profit-taking operations, mainly in Nestle Nigeria Plc and 44 other businesses, weighed on market performance.

The All-Share Index decreased by 535.98 points, or 0.80%, to close at 66,760.20. The market capitalisation fell by N294 billion to N36.538 trillion.

The downturn was principally caused by price losses in major and medium-capitalized equities such as Nestle Nigeria, Dangote Sugar Refinery, NASCON Allied Industries, MTN Nigeria Communications (MTNN), and Nigerian Exchange Group.

Market mood was negative, as assessed by market breadth, with 16 equities rising and 45 losing.

Chellaram and CWG were the biggest price gainers, climbing by 10% to close at N3.19 and N6.93, respectively. Vitafoam Nigeria followed with a 9.78% rise to settle at N24.70 per share.

Oando increased by 9.47% to N9.25 per share, while Wema Bank increased by 8.94% to N5.12 per share.

eTranzact International and Regency Alliance Insurance, on the other hand, were the largest losers, down 10% to close at N8.10 and 36 kobo, respectively.

Following that, NASCON Allied Industries and Dangote Sugar Refinery both fell 9.96%, closing at N47.00 and N52.00 per share, respectively.

Unity Bank down 9.92% to N1.09 per share, while University Press fell 9.77% to N2.31 per share.

Total trade volume climbed by 24.11% to 645.541 million units worth N11.014 billion in 10,554 transactions.

Transnational Corporation (Transcorp) was the most active trader, with 87.824 million shares valued N491.690 million.

United Bank of Africa (UBA) traded 75.849 million shares for N1.036 billion, while Access Holdings traded 69.448 million shares worth N1.052 billion.

Fidelity Bank traded 48.323 million shares for N387.343 million, while GTCO traded 39.709 million shares worth N1.326 billion.