Stocks Slip As Profit-Taking Wipes ₦3 Billion Off Market Value
Nigerian Stocks Slip Slightly Amid Profit-Taking
THE Nigerian equities market closed marginally lower on Thursday, shedding about ₦3 billion in market capitalisation as investors engaged in mild profit-taking across selected stocks.
At the close of trading, market capitalisation declined by 0.002 per cent to ₦129.806 trillion, down from ₦129.809 trillion recorded at the previous session.
Similarly, the All-Share Index (ASI) dipped by 4.66 points, or 0.002 per cent, to settle at 201,698.89, compared to 201,703.55 earlier recorded.
Despite the slight downturn, the market maintained a strong Year-to-Date (YtD) return of 29.62 per cent, reflecting sustained investor confidence over the longer term.
Sell-Offs Weigh on Market Performance
The day’s bearish sentiment was largely driven by sell-offs in key equities, including John Holt, Abbey Mortgage Bank, International Energy Insurance, CHAMS, and Tantalizers.
John Holt recorded the steepest decline, dropping 9.91 per cent to close at ₦15.45 per share. Abbey Mortgage Bank followed with a 9.60 per cent loss to ₦8.95, while International Energy Insurance fell by 6.48 per cent to ₦3.32.
CHAMS and Tantalizers also posted losses of 5.30 per cent and 5.18 per cent, respectively.
Gainers Offer Market Support
However, the market breadth remained positive, with 34 gainers against 24 losers, indicating pockets of investor optimism.
Unilever Nigeria led the gainers’ chart with a 10 per cent increase, closing at ₦103.40 per share. Fortis Global Insurance rose by 9.82 per cent to ₦1.23, while Multiverse Mining gained 9.81 per cent to ₦20.15.
Legend Internet and Zichis Agro Allied Industries also posted notable gains, advancing by 9.38 per cent and 9.02 per cent, respectively.
Trading Activity Declines
Market activity weakened significantly, as total traded volume dropped by 31.33 per cent to 559.98 million shares.
The transactions were valued at ₦19.26 billion across 49,676 deals.
Secure Electronic Technology emerged as the most traded stock by volume, accounting for 59.69 million shares, or 10.66 per cent of total trades.
On the value chart, Zenith Bank led with transactions worth ₦2.47 billion, representing 12.84 per cent of the total value traded.
Outlook
Analysts note that the slight dip reflects routine profit-taking following recent gains, rather than a fundamental shift in market direction.
Investors are expected to remain cautious in the short term, while monitoring macroeconomic indicators and corporate earnings for clearer signals.
