Stock Market Drops by N479bn on Profit–taking in PZ, Others  

Kayode Tokede

The stock market closed on a negative note as losses in PZ Cussons Nigeria Plc and 36 other companies reduced market capitalisation by N479 billion.

Consequently, the Nigerian Exchange Limited All Share Index (NGX ASI) fell 874.00 points, or 0.35 percent, to close at 246,686.66 basis points. The month‑to‑date return moderated to –1.5 percent, while the year‑to‑date return stood at +58.5 percent.

Market breadth remained weak, with 37 decliners against 14 gainers. International Energy Insurance recorded the largest price gain at 9.86 percent, closing at N5.46 per share. Trans‑Nationwide Express followed with a 7.14 percent rise to N5.10, and Neimeth International Pharmaceuticals rose 6.80 percent to N11.00 per share.

Living Trust Mortgage Bank increased 5.00 percent to close at N4.20, while Abbey Mortgage Bank rose 4.44 percent to N7.05 per share.

Conversely, PZ Cussons Nigeria and CWG each fell 10 percent, closing at N88.20 and N21.60 respectively. Associated Bus Company declined 9.95 percent to N6.88 per share.

Wema Bank depreciated 9.09 percent to N30.00, and Sovereign Trust Insurance shed 8.16 percent to N2.70 per share.

Meanwhile, total volume traded fell 47.9 percent to 587.64 million units, valued at N23.06 billion, across 63,954 deals. Access Holdings shares dominated activity with 113.096 million shares worth N2.707 billion. Zenith Bank followed with 38.091 million shares valued at N4.806 billion, and Consolidated Hallmark Holdings traded 35.433 million shares worth N243.429 million.

Neimeth International Pharmaceuticals traded 28.834 million shares valued at N298.761 million, while Sterling Financial Holdings Company sold 28.208 million shares worth N220.099 million.

On market outlook, Cowry Assets Management Limited said sentiment is expected to remain mixed in the next trading session.