The Nigerian equities market closed on a bearish note as price depreciation in MTN Nigeria and 25 other stocks dragged overall market capitalisation lower by N1.17 trillion, ending a four-session winning streak.
The All-Share Index dropped 1,806.18 points, or 0.73 percent, to close at 246,723.57, while market capitalisation fell to N159.26 trillion from N160.42 trillion the previous session. The downturn was driven by profit-taking in large- and medium-capitalised stocks including MTN Nigeria, UACN, Dangote Sugar Refinery, Nigerian Aviation Handling Company, and First HoldCo. MTN Nigeria alone fell 4.73 percent, shedding N40 per share.
Despite the broader decline, market breadth closed positive with 27 gainers against 26 losers. FTN Cocoa led the gainers' chart, appreciating 9.88 percent, while Cadbury Nigeria stood out among blue-chip stocks, advancing 5.85 percent. The market's year-to-date return moderated to 58.55 percent from 59.71 percent as the correction pared back part of the gains from a record rally earlier in the week.