Stock Market Plummets by N1.17trn on Renewed Profit-taking in MTN, Others

The Nigerian stock market experienced a decline on the trading session, with losses in MTN Nigeria Communications and 25 other companies causing the overall capitalization to drop by N1.17 trillion. Key factors contributing to the market capitalization decline included a 4.73 percent drop in MTN Nigeria shares, a 4.11 percent depreciation in Dangote Sugar Refinery Plc, and a 1.41 percent downward movement in First Holdco Plc. Consequently, the Nigerian Exchange Limited All-Share Index (NGX ASI) decreased by 1,806.18 basis points or 0.73 percent, closing at 246,723.57 basis points.

The market’s year-to-date (YTD) return also moderated to 58.55 percent from 59.71 percent in the previous session. Sectoral performance was mixed, with the NGX Consumer Goods and NGX Banking indices declining, while the NGX Insurance Index advanced by 0.2 percent. The NGX Industrial Goods and Oil & Gas indices remained unchanged.

Market sentiment was positive, as 27 stocks gained value compared to 26 losers. FTN Cocoa experienced the highest price gain of 9.88 percent to close at N8.90 per share, followed by C&I Leasing with an 8.26 percent gain to N5.90 per share. On the losing side, Thomas Wyatt Nigeria led with a 9.97 percent decline to close at N2.89 per share, and AVA Capital and International Energy Insurance also saw significant drops of 9.60 percent and 6.32 percent, respectively.

Transaction volume increased by 270.4 percent, reaching 3.91 billion units valued at N32.38 billion in 45,608 deals.