Profit-Taking Slashes N1.81tn on NGX as T+1 Settlement Cycle Begins
Investors on the Nigerian Exchange lost about N1.81 trillion in a sharp sell-off on the first trading day of June. Widespread profit-booking in blue-chip and mid-cap stocks wiped out recent gains. The downturn coincided with the launch of the T+1 settlement cycle, a key reform aimed at boosting market efficiency and liquidity. Market cap fell from N160.508 trillion to N158.697 trillion, while the All-Share Index slid 1.13% to 247,560.66 points. Major stocks bore the brunt of the decline. BUA Cement led losses with a 10% drop, followed by Trans-Nationwide Express, John Holt, Red Star Express and Deap Capital Management. Market breadth was weak, with 37 losers against 24 gainers. Some stocks bucked the trend. International Energy Insurance and Consolidated Hallmark gained near 10%, while RT Briscoe and Ikeja Hotel also posted solid advances. Trading volume dipped 6.4% to 1.13 billion shares, with Abbey Mortgage Bank and Aradel topping volume and value charts respectively.
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