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The Nigerian stock market recorded its first negative trading session of the week, with the NGX All-Share Index (ASI) slipping 0.18% to close at 105,931.18 points, down from 106,116.18. Market capitalization also took a hit, dropping N116 billion to N66.577 trillion. The decline was largely driven by profit-taking in heavyweights like MTN Nigeria (-6.07%), Livestock Feeds (-9.71%), and McNichols (-9.47%), as investors navigated a cautious market amid a high-interest rate environment, according to United Capital analysts.
Despite the downturn, some stocks bucked the trend. Cadbury Nigeria surged 9.91% to N32.15, Champion Breweries climbed 9.79% to N4.71, and Eterna gained 9.46% to N48.00. Trading volumes were robust, with Fidelity Bank leading at 285.15 million shares (N5.77 billion) and MTN Nigeria following at 86.85 million shares (N20.93 billion).
Looking ahead, the NGX is set to welcome Legend Internet Plc, which will soon list its shares, adding fresh opportunities for investors. Stay tuned for more updates on market trends and trading insights!
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