Nigerian stock market drops as investors sell large-cap shares
The Nigerian equities market saw a significant decline as investors sold off major stocks, causing a sharp drop in total market capitalisation. The downturn was driven by profit-taking in high-value industrial and consumer goods companies, with notable losses among blue-chip firms. Despite the overall fall, more stocks gained than lost, showing continued interest in mid- and small-cap shares. Market activity increased, with a higher volume of shares traded and several standout performers.
TLDR
- The market capitalisation dropped to N153.859tn after a wave of sell-offs in large-cap stocks.
- The All-Share Index fell by 2,994.90 points, a 1.23% loss, closing at 239,734.61 points.
- Dangote Cement, BUA Cement, Nestle Nigeria, Lafarge Africa, and Skyway Aviation Handling Company saw significant price drops.
- Chemical and Allied Products and FTN Cocoa Processors led the gainers, each rising 9.99%.
- NEM Insurance topped trading activity, with 360.565 million shares exchanged, while market analysts expect a possible recovery soon.
