The Nigerian stock market experienced a slight drop as investors sold off shares of major companies like MTN Nigeria and Dangote Sugar. Although the market capitalisation increased slightly due to new share listings, the overall performance of the market was negative.
The Nigerian Exchange (NGX) All-Share Index fell by 0.05%, closing at 102,788.20 points. However, Lasaco Assurance Plc added a private placement of 9.25 billion shares, priced at ₦1.20 each, boosting the market value.
Profit-taking by investors caused some of the market’s key stocks to decline. Trading activity was mixed, with the number of shares traded dropping slightly by 0.12%, while the value of these trades jumped by 50.28%.
GTCO led trading activity, making up 10.81% of all shares traded. Other top performers in terms of volume included UBA, Zenith Bank, Access Corporation, and Jaiz Bank. SEPLAT was the most traded stock in value, contributing 19.29% of the total value traded.
On the gainers’ list, SCOA led with a price increase of 9.76%, followed by DAAR Communications, May & Baker, and others. However, MORISON was the biggest loser, dropping by 9.98%. Other notable losers included C&I Leasing, Neimeth, and Dangote Sugar.
Overall, the market recorded 28 gainers and 28 losers, with the Insurance sector (-1.23%) leading the decline due to losses in NEM Insurance. The Consumer Goods sector also fell, driven by a sell-off in Dangote Sugar, while the Oil & Gas sector saw slight losses.
On the bright side, the Banking sector grew by 1.23%, thanks to increased interest in GTCO and UBA stocks. By the end of trading, the Nigerian Exchange’s total value rose by ₦15 million to settle at ₦63.15 trillion.
