The Nigerian stock market declined by N557 billion due to profit-taking in Lafarge and 38 other stocks. This downturn reflects investors securing gains amid market fluctuations.
The Nigerian Exchange (NGX) saw a sharp drop in market value, losing N557 billion on a day marked by widespread profit-taking. Lafarge, a major cement producer, along with 38 other companies, experienced selling pressure as investors locked in recent profits.
This event highlights the volatility in the local equity market, where gains from previous sessions prompted cautious exits. No specific triggers beyond profit-taking were detailed in reports, but it underscores the market's sensitivity to investor sentiment.
Market analysts note that such corrections are common after rallies, helping to stabilize valuations. The overall impact included reduced trading activity in affected stocks, contributing to the net loss.
