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Nigerian stock market declines as All-Share index drops 0.74%

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Nigerian stock market declines as All-Share index drops 0.74%

The Nigerian Exchange (NGX) All-Share Index (ASI) opened the week on a downward trend, losing 740.01 points to close at 98,708.90, a 0.74% drop from its previous session.

The Nigerian stock market decline, attributed to increased profit-taking after last week’s gains, brought the market capitalization to N59.81 trillion as investors adopted a cautious stance.

Trading volume also saw a significant dip, with 353.18 million shares changing hands across 9,417 deals, a notable 23.36% reduction from the previous session’s 460.85 million shares.

Top Gainers and Decliners

Top Gainers: EUNISELL led the gainers with a 10% increase to N3.85, followed by LIVESTOCK, which rose 9.97% to N3.75. TRANSCORP saw a 9.95% uptick to N48.60.

Top Decliners: BUA Cement posted the largest loss, dropping 10% to N99.00, with LASACO and DAARCOMM also declining significantly, down 9.79% and 9.38%, respectively.

Key Sector Performances

Among SWOOT stocks, BUA Cement led declines, with a 10% drop, reflecting broader market caution. In the FUGAZ category, ACCESSCORP was the only stock to post gains, rising by 2.49%, while FBN Holdings led the losses with a 6.09% decrease.

Outlook for the Week

Analysts suggest that the ASI may recover with anticipated Q3 earnings reports likely to spark renewed investor interest, particularly in the Banking, Oil & Gas, and Consumer Goods sectors, potentially propelling the ASI back toward the 99,000 mark.

Investors are also watching broader economic indicators closely, as these factors could create conditions for a short-term rebound in the Nigerian stock market.

Lawrence Agbo, a tech journalist for over four years, excels in crafting SEO-driven content that boosts business success. He also serves as an AI tutor, sharing his knowledge to educate others. His work has been cited on Wikipedia and various online media platforms.

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