Stock Market Drops N959 bn as Profit‑Taking Hits Aradel Holdings and Others

Kayode Tokede

The Nigerian stock market continued its downward trend as investors took profits in Aradel Holdings Plc and 33 other stocks, causing the market capitalization to fall by N959 billion.

Aradel Holdings’ share price dropped 10 percent, which pushed the Nigerian Exchange Limited All‑Share Index (NGXX ASI) down 1,493.71 basis points, or 0.64 percent, to close at 233,580.83 basis points from the opening level of 235,074.54 basis points.

Market capitalization declined to N149.89 trillion, down from N150.85 trillion the previous day.

Market breadth was largely negative, with 34 decliners outpacing 14 advancers. Red Start Express was the biggest gainer, up 9.60 percent to close at N24.55 per share.

Legend Internet followed with a 9.09 percent gain to close at N6.00, and Neimeth International Pharmaceuticals rose 7.10 percent to close at N8.30 per share.

Abbey Mortgage Bank increased 5.45 percent to close at N8.70, while Ellah Lakes rose 4.65 percent to close at N9.00 per share.

On the decline side, Deap Capital Management & Trust and Aradel Holdings each fell 10 percent, closing at N4.05 and N1,575.00 respectively. Trans‑Nationwide Express declined 9.90 percent to close at N3.64 per share.

Regency Alliance Insurance fell 9.57 percent to close at 85 kobo, and C & I Leasing dropped 9.48 percent to close at N5.25 per share.

Trading volume fell 19.35 percent to 393.649 million units, valued at N19.212 billion, across 45,813 deals. Access Holdings led the activity with 39.053 million shares worth N896.205 million. Chams Holdings Company traded 24.504 million shares valued at N96.486 million, and Fidelity Bank traded 24.070 million shares worth N436.925 million.

Sterling Financial Holdings Company traded 23.749 million shares worth N182.196 million, while Zenith Bank traded 18.935 million shares worth N2.129 billion.

Capital market analysts noted that the session was marked by subdued trading activity and persistent bearish sentiment, as investors remained cautious amid the market’s continued decline.

On market outlook, Cowry Assets Management Limited said the market is expected to rebound as investors seek fundamentally strong stocks, though profit‑taking in recently appreciated stocks may temper the pace of any recovery.