Stock Market Sheds N1.33trn As Profit-taking Hits Large-caps

Selling pressure intensified on the floor of the Nigerian equities market, with a N1.333 trillion decline, marking one of the steepest single-day declines in recent weeks.

As a result, the All-Share Index declined by 2,054.25 points, representing a loss of 0.82 per cent to close at 248,042.50 points. Also, market capitalisation shed N1.333 trillion, closing at N161.052 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks, amongst which are: Aradel Holdings, MTN Nigeria Communications (MTNN), Eterna, Stanbic IBTC Holdings and Fidelity Bank.

The decline reflects increased selling pressure and continued cautious sentiment as the market pulled further away from the 250,000 level.

In the near term, Cowry Assets Management Limited said, the market may remain under pressure as continued profit-taking is expected to weigh on investor sentiment.

Market sentiment remained negative, as 32 stocks declined compared with 26 gainers. eTranzact International emerged the highest price gainer of 10 per cent to close at N12.10, per share. Livestock Feeds followed with a gain of 9.09 per cent to close at N12.00, while Guinea Insurance rose by 8.97 per cent to close at 85 kobo, per share.

Learn Africa increased by 8.93 per cent to close at N9.15, while Multi Trex Integrated Foods added 7.69 per cent to close at 42 kobo, per share. On the other side, Eterna and Aradel Holdings led the losers’ chart with 10 per cent each to close at N41.40 and N1,377.00 respectively, while Cutix followed with a decline of 9.02 per cent to close at N2.22, per share.

Critical Minerals Financing Corporation (CMFC) depreciated by 8.98 per cent to close at N3.65, while NPF Microfinance Bank decreased by 8.70 per cent to close at N4.20 per share.

Meanwhile, the traded volume rose by 10.1 per cent to 492.23 million units, valued at N38.021 billion, and exchanged in 38,711 deals. Transactions in Zenith Bank shares led activity, with 47.799 million shares worth N6.499 billion. Wema Bank followed with account of 43.638 million shares valued at N1.353 billion, while Access Holdings traded 42.943 million shares valued at N1.270 billion.

FCMB Group traded 32.674 million shares worth N357.458 million, while Multi Trex Integrated Foods traded 27.196 million shares worth N11.422 million.