LAGOS — The Nigerian stock market opened the week on a negative note as profit-taking in Dangote Cement and other large stocks pushed market capitalisation below N160 trillion.

The NGX All-Share Index fell by 2,261.39 points, or 0.91 per cent, to close at 245,278.34, reducing the year-to-date return to 57.62 per cent. Market capitalisation dropped by N1.47 trillion to N159.26 trillion.

Market breadth was negative, with 39 to 40 stocks losing value against 15 gainers. Multi Trex Integrated Foods led the gainers with a 10 per cent rise to 66 kobo, followed by CMFC and Austin Laz. Vitafoam led the losers, falling 10 per cent to N174.60, ahead of Cutix and Omatek.

Trading activity improved: volume rose by about 35 per cent to 349.34 million shares worth N17.99 billion, exchanged in 43,115 deals. Access Holdings was the most traded stock by volume, while Aradel led by value. Among sector indices, the industrial index fell 2.90 per cent and banking 1.40 per cent.

The decline follows three consecutive weeks of losses driven largely by sell-offs in banking stocks. Analysts at Cowry Assets Management said bargain-hunting could support a recovery in the near term, but continued profit-taking may limit gains.