Nigerian Stock Market Falls for 2nd Straight Day As Investors Engage in Profit-Taking
- The Nigerian stock market slumped for a second day running, undoing more of this week’s gains
- Investors were locked in profit-taking in banking, consumer goods, industrial and other key sectors
- Sustained selling in stocks like Cadbury Nigeria, Africa Prudential and other shares pulled the market down
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.-
The Nigerian Exchange (NGX) posted losses again on Thursday, June 18, with investors continuing to harvest profits from the market’s recent rally.
Data from the Exchange showed that the All-Share Index (ASI) declined by 3,397.80 points from 240,802.72 points to 237,404.92 points, while market capitalisation dropped by N2.179 trillion from N154.445 trillion to N152.266 trillion.
Source: Getty Images
The market’s negative performance was reflected in its breadth, with 39 stocks recording losses compared with 15 gainers, indicating a bearish trading session.
Sector performance
The decline was broad-based, with sell-offs recorded across major sectors as investors reduced exposure.
The financial services sector remained under pressure as profit-taking affected banking stocks.
Consumer goods and other major sectors also recorded declines as investors continued to rebalance their portfolios.
Top losers
- Africa Prudential emerged among the worst performers, falling by 10 per cent to close at N11.70.
- Cadbury Nigeria declined by 10 per cent to N62.10
- Tripple Gee dropped 10 per cent to N3.60.
- John Holt declined by 9.93 per cent to N12.25
- McNichols fell by 9.33 per cent to N6.80.
Top gainers
- Legend Internet led the gainers, rising by 9.52 per cent to N5.75.
- NPF Microfinance Bank advanced by 9.18 per cent to N5.35
- Transcorp gained 7.32 per cent to close at N44.00.
- Neimeth appreciated by 7.03 per cent to N9.90
- DAAR Communications increased by 5.29 per cent to N1.79.
Market activity
Trading activity improved during the session, with investors exchanging 691.6 million shares valued at N116.9 billion in 50,025 deals.
This compared with 663 million shares worth N40 billion traded in 51,143 deals on Wednesday, representing a 4.31 per cent increase in volume, a 192.25 per cent jump in value and a 2.19 per cent decline in the number of deals.
Source: Getty Images
Most active stocks
- First Holdco emerged as the most traded stock by volume, with 115.8 million shares valued at N7.1 billion.
- Access Holdings followed with 109.7 million shares worth N2.5 billion
- Dangote Cement recorded 71.5 million shares valued at N83.4 billion.
- Japaul traded 26 million shares worth N83.6 million
- FCMB exchanged 25.9 million shares valued at N285.9 million.
SpaceX IPO pushes up Elon Musk's wealth
Earlier, Legit.ng reported that Elon Musk has become the first person in history to surpass a $1 trillion net worth after the initial public offering (IPO) of SpaceX pushed the value of his holdings to record levels.
SpaceX priced its shares at $135 each ahead of its market debut, creating a valuation that lifted Musk’s fortune above the trillion-dollar mark.
Before the IPO, Forbes estimated Musk’s wealth at about $813 billion, already making him the richest person in the world by a significant margin.
Source: Legit.ng
