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Trading on the Nigerian Exchange closed on a negative note as investors reacted to widespread price declines across major counters. Market capitalisation fell by N73 billion, reflecting persistent bearish pressure.
The All-Share Index dropped by 114.41 points to settle at 194,370.2, representing a marginal 0.06 percent decline. Consequently, total market value slid to N124.754 trillion as 54 stocks recorded losses, outweighing 22 gainers.
The downturn was largely driven by medium and large-cap equities, including Nigerian Exchange Group and Nigerian Aviation Handling Company. Other decliners such as Skyway Aviation Handling Company, Vitafoam Nigeria and Custodian Investment further pressured the benchmark.
Investment firm Imperial Asset Managers Limited attributed the pullback to profit-taking in heavyweight banking and insurance stocks. The firm noted that many investors appear cautious at current index levels and advised selective profit booking while retaining fundamentally strong dividend-paying equities.
Despite the weak sentiment, some counters posted notable gains. Jaiz Bank led advancers with a 9.95 percent rise to N14.03, followed closely by Okomu Oil Palm Company. Trans-Nationwide Express, Fortis Global Insurance and Champion Breweries also recorded solid increases.
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On the losers’ table, ABC Transport and R.T. Briscoe posted the steepest declines at 10 percent each. Trading activity, however, strengthened significantly, with volume climbing 19.32 percent to 1.376 billion shares valued at N46.198 billion across 70,222 deals.
Fortis Global Insurance dominated activity by volume, while Zenith Bank led in value traded. Market analysts say the coming sessions may hinge on investor confidence and macroeconomic signals.
