Nigerian stocks slip as profit-taking wipes N648bn, ASI slips 0.41%
Nigerian equities reversed Tuesday’s gains on Wednesday, shedding about N648 billion as profit-taking across banking, consumer goods and industrial stocks outweighed selective buying. The NGX All-Share Index fell 0.41% to close at 246,980.17 points, down from 247,984.55, while market capitalisation slipped to N159.344 trillion from N159.992 trillion. Year-to-date returns moderated to 58.71%. Trading volume rose 12.11% to 758.87 million shares valued at N33.79 billion across 55,251 deals.
The sell-off was led by TIP and NREIT, which dropped 9.91% and 8.85% respectively, with NREIT hitting a fresh 52-week low of N103.00. Losses also hit Dangote Sugar Refinery (-4.54%), HBM Nigeria (-3.80%) and Oando (-2.44%). Banking stocks slipped, including Wema Bank (-2.21%) and GTCO (-1.91%). In contrast, insurance stocks rallied: Lasaco Assurance gained 10.00% to N2.42, CNIF rose 9.98% to N154.30 and NEM Insurance climbed 9.97% to N34.20, showing bargain-hunting interest.
With 45 decliners versus 23 advancers, market breadth reflects broad profit-taking. Despite the dip, heavyweights like MTN Nigeria and Dangote Cement held flat, cushioning a deeper fall.
Should you adjust your portfolio now, hold for the long term, or shift toward the resilient insurance sector while monitoring banking earnings?