Stock Market Falls 782 bn on Profit‑Taking in GTCO and 36 Other Stocks

Kayode Tokede

The Nigerian Exchange Limited (NGX) saw its stock market section extend a profit‑taking run, with a decline of N782 billion driven by sell‑offs in several companies.

The NGX All‑Share Index (ASI) fell 1,219.93 basis points, or 0.50 percent, to close at 241,984.80 basis points.

Market breadth remained negative, as 37 decliners outpaced 19 advancers. Conoil and Prestige Assurance were the biggest gainers, each up 10 percent to close at N213.00 and N1.57 respectively. Neimeth International Pharmaceuticals followed with a 9.74 percent gain to close at N8.45 per share.

eTranzact International rose 9.40 percent to close at N16.30, while Cornerstone Insurance climbed 9.09 percent to close at N5.40 per share.

On the downside, International Energy Insurance and Vitafoam Nigeria led the losers’ chart with 10 percent declines, closing at N5.76 and N189.00 respectively. Austin Laz & Company fell 9.93 percent to close at N3.90 per share.

SUNU Assurance slipped 9.82 percent to close at N3.58, and Sovereign Trust Insurance dropped 8.37 percent to close at N2.30 per share.

The total volume traded fell 38.5 percent to 457.92 million units, valued at N27.23 billion, across 50,332 deals. Transactions in Sterling Financial Holdings Company shares led the activity with 100.900 million shares worth N782.819 million. UACN followed with 49.371 million shares valued at N9.115 billion, and Access Holdings traded 28.762 million shares worth N699.315 million.

Zenith Bank traded 24.937 million shares worth N3.009 million, while GTCO traded 20.240 million shares worth N2.646 billion.

On market outlook, Cowry Assets Management Limited said the outlook remains cautious, with profit‑taking pressures and lingering Oil & Gas sector uncertainties likely to weigh on investor sentiment.

Imperial Asset Managers Limited maintained its selective investment stance, advising investors to focus on fundamentally sound, dividend‑paying stocks with strong earnings visibility, while remaining alert to value opportunities created by recent indiscriminate selling in quality banking names.