Nigerian Stock Market falls as profit-taking cuts market value by N13bn

By Taiye Olayemi

The Nigerian stock market closed slightly lower on Friday as investors booked profits in several medium and large-cap stocks, resulting in a N13 billion decline in market value.

At the close of trading, the stock market capitalisation of the Nigerian Exchange Limited (NGX) fell by N13 billion, or 0.01 per cent, to N158.326 trillion, down from N158.339 trillion recorded on Thursday.

Similarly, the All-Share Index (ASI) shed 78.58 points, representing a 0.03 per cent decline, to settle at 245,283.68, compared with 245,362.26 in the previous trading session.

The downturn trimmed the market’s year-to-date return to 57.62 per cent.

The negative performance was largely driven by profit-taking in Fortis Global Insurance, CAP Plc, Veritas Kapital Assurance, Vitafoam Nigeria, The Initiates Plc, and 24 other listed equities.

Despite the stock market’s decline, investor sentiment remained broadly positive as 34 stocks advanced, outperforming 29 decliners, reflecting sustained buying interest across a wide range of counters.

Leading the gainers’ chart were Eterna Plc, Consolidated Hallmark Holdings, AVA Capital Plc, and Regency Alliance Insurance, each appreciating by 10 per cent to close at N33.00, N8.36, N8.25, and 88 kobo per share, respectively.

McNichols Plc also recorded a strong performance, rising 9.52 per cent to close at N5.75 per share.

On the losers’ chart, Fortis Global Insurance recorded the steepest decline, shedding 10 per cent to close at N2.34 per share. CAP Plc dropped 9.97 per cent to N128.25, while Veritas Kapital Assurance lost 9.49 per cent to settle at N1.43.

Vitafoam Nigeria declined 7.70 per cent to N179.80, while The Initiates Plc fell 6.67 per cent to close at N28.00 per share.

Trading activity also slowed significantly during the session, with total transaction volume falling by 55.14 per cent to 942.97 million shares valued at N46.74 billion, exchanged in 55,480 deals.

AVA Capital Plc emerged as the most actively traded stock by volume, accounting for 341.16 million shares, representing 36.18 per cent of the total shares traded.

By value, Seplat Energy Plc dominated the market with transactions worth N16.26 billion, contributing 34.79 per cent of the day’s total turnover.