Nigerian Stock Market Slips as Profit-Taking Offsets Gains in Mid-Cap Stocks

• The NGX began the week on a softer note as profit-taking in selected stocks nudged the benchmark index lower despite gains in 28 equities.

• CNIF led the gainers’ chart with a 9.95 percent rally, while SUNU Assurances and Transcorp Power topped the decliners after shedding 10.00 percent each.

• Investor sentiment remained mixed, with 32 losers outweighing 28 gainers as traders balanced bargain hunting against profit-taking.

July 27, () — The Nigerian stock market opened the week on a cautious note as profit-taking in selected equities outweighed buying interest, dragging the benchmark index slightly lower despite gains recorded in several mid-cap stocks.

The Nigerian Exchange (NGX) All-Share Index (ASI) declined by 0.05 percent to close at 247,238.74 basis points, compared with its opening level of 247,357.40 basis points.

Similarly, market capitalisation eased marginally from an opening value of ₦159.587 trillion to close at ₦159.511 trillion, reflecting a loss of about ₦76 billion in investors’ wealth.

Market breadth closed negative, with 28 equities recording price appreciation against 32 decliners, indicating that profit-taking remained dominant across the broader market.

Top Five Gainers

Top Five Decliners

Meanwhile, Dangote Cement Plc, Seplat Energy Plc, Presco Plc, Custodian Investment Plc, and Julius Berger Nigeria Plc, among other heavyweight stocks, closed flat during the session.

Investor sentiment remained cautious as profit-taking in selected large and mid-cap stocks outweighed bargain hunting.
Although buying interest persisted in insurance and consumer-related counters, the negative market breadth reflected investors’ preference to lock in gains following recent rallies.

The market is expected to trade within a mixed range in the near term as investors continue to rebalance portfolios ahead of corporate earnings releases.

While bargain hunting may support fundamentally sound stocks, intermittent profit-taking is likely to keep overall market performance subdued.