Investors Lose N24bn As Cautious Pullback Ends 11-day Bull Run

The Nigerian equities market snapped its 11-day bullish streak on Friday as cautious profit-taking dragged the market south, with investors losing N24 billion.

The NGX All-Share Index declined by 0.01 per cent to close at 252,113.41 points, while the market capitalization shed N24 billion to closed at N163.66 trillion.

Investor sentiment remained positive, as 39 gainers outpaced 27 losers. Zichis Agro Allied Industries followed with a gain of 10 per cent to close at N17.60, per share. Critical Minerals Financing Corporation (CMFC) grew by 9.76 per cent to close at N3.26, while R.T. Briscoe rose by 9.74 per cent to close at N10.70, per share.

ABC Transport appreciated by 9.68 per cent to close at N5.10, while Royal Exchange rose by 9.09 per cent to close at N1.08, per share.

On the other hand, TotalEnergies Marketing Nigeria led the losers’ chart by 10 per cent to close at N518.40, per share. Legend Internet followed with a decline of 9.09 per cent to close at N3.50, while Haldane McCall shed 8.54 per cent to close at N3.00, per share.

Caverton Offshore Support Group shed 8.05 per cent to close at N4.00, while First Holdco lost 5.09 per cent to close at N156.60, per share.

Meanwhile, the total volume of trade increased by 16.31 per cent to 708.85 million units, valued at N58.35 billion, and exchanged in 42,496 deals.

Looking ahead, Cowry Assets Management Limited said, the market is expected to sustain its bullish bias as investor sentiment tilts increasingly positive, though residual profit-taking activity could temper the pace of any recovery.