The Nigerian stock market saw its first drop of the year on January 7, 2025, costing investors N152 billion.
From its peak of 103,648.24 points, the All-Share Index (ASI) dropped by 0.24% to close at 103,398.82 points.
Profit-taking operations in medium- and large-cap equities, such as Northern Nigeria Flour Mills, Vitafoam Nigeria, Africa Prudential, and Zenith Bank, were a major cause of this decline.
There were 50 losers and 19 winners in the market.
Notably, FTN Cocoa Processors and RT Briscoe Nigeria topped the losers’ table with a 10% fall apiece, while Abbey Mortgage Bank and PZ Cussons Nigeria lead the gainers with a 10% appreciation each.
FBN Holdings dominated the market in terms of trading volume, holding 161.46 million shares worth N4.72 billion, or 14.55% of the total.
The market’s year-to-date return now stands at 0.46%, indicating a cautious start to the year for investors.
