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The NGX ended the week on a softer note as profit-taking in Presco and other selected stocks pulled the benchmark index lower despite positive market breadth.
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CNIF led the gainers’ chart with a 10.00 percent rally, while Presco recorded the session’s steepest decline after shedding 10.00 percent.
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Investor sentiment remained resilient as 33 stocks advanced against 27 decliners, signalling sustained buying interest in select counters despite market consolidation.
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The Nigerian stock market closed lower on Friday as profit-taking in heavyweight stocks, led by Presco Plc, halted the market’s recent bullish run despite a positive market breadth.
July 24, (THEWILL) — The Nigerian Exchange (NGX) All-Share Index (ASI) slipped by 0.19 percent, declining from an opening level of 247,831.40 basis points to close at 247,357.40 basis points.
Market capitalisation remained broadly unchanged at ₦159.893 trillion, as the marginal decline in the benchmark index had little impact on the overall market value.
The session recorded 33 gainers against 27 losers, reflecting continued buying interest across several mid- and small-cap stocks even as investors booked profits in selected equities after recent gains.
Price Movement
Top Five Gainers
CNIF appreciated by 10.00 percent (advancing from ₦116.00 to ₦127.60).
C&I Leasing Plc gained 9.48 percent (rising from ₦5.80 to ₦6.35).
Cornerstone Insurance Plc climbed 9.09 percent (increasing from ₦5.50 to ₦6.00).
RT Briscoe Plc advanced by 8.61 percent (moving from ₦12.20 to ₦13.25).
Honeywell Flour Mills Plc appreciated by 7.38 percent (closing at ₦17.45 from ₦16.25).
Top Five Decliners
Presco Plc declined by 10.00 percent (falling from ₦2,300.00 to ₦2,070.00).
Thomas Wyatt Nigeria Plc shed 9.93 percent (dropping from ₦4.03 to ₦3.63).
Trans-Nationwide Express Plc lost 8.44 percent (declining from ₦3.08 to ₦2.82).
Royal Exchange Plc depreciated by 7.86 percent (easing from ₦1.40 to ₦1.29).
LivingTrust Mortgage Bank Plc fell by 7.32 percent (slipping from ₦4.10 to ₦3.80).
Meanwhile, MTN Nigeria Communications Plc, Dangote Cement Plc, Custodian Investment Plc, Julius Berger Nigeria Plc and Golden Guinea Breweries Plc, among others, closed flat during the session.
Investor sentiment remained relatively positive as the number of advancing stocks outpaced decliners, suggesting that bargain hunting persisted despite profit-taking in a few high-priced equities. Market participants continued to rotate into fundamentally attractive stocks while locking in gains on counters that had recorded strong rallies in recent sessions.
The market is expected to trade cautiously in the near term as investors assess recent gains and reposition ahead of fresh corporate disclosures. While selective bargain hunting is likely to provide support, intermittent profit-taking may continue to influence market direction, particularly in stocks that have witnessed sustained price appreciation.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
