The Nigerian stock market extended its bearish run on Thursday, wiping N1.005 trillion off investors’ wealth just a day after the market recorded a N648 billion loss.
Data from the Nigerian Exchange (NGX) showed that the market capitalisation fell to N158.339 trillion, down from N159.344 trillion recorded on Wednesday.
The All-Share Index (ASI) also declined by 1,617.91 points, or 0.66 per cent, to close at 245,362.26, compared with 246,980.17 in the previous trading session.
The latest downturn reduced the market’s year-to-date return to 57.67 per cent, while market breadth remained negative, with 44 stocks posting losses against 18 gainers.
On the losers’ chart, Tripple Gee led with a 10 per cent decline to close at N2.88 per share. Lasaco Assurance shed 9.92 per cent to N2.18, while C&I Leasing fell 9.84 per cent to N5.50 per share.
Mutual Benefits Assurance lost 9.80 per cent to close at N3.22, while Trans-Nationwide Express dropped 9.03 per cent to N2.82 per share.
On the gainers’ table, Legend Internet topped the chart with an 8.64 per cent increase to close at N4.40 per share.
Daar Communications gained 7.32 per cent to N1.76, Sterling Financial Holdings rose 6.67 per cent to N8.00, Sovereign Trust Insurance advanced 5.73 per cent to N2.03, while Royal Exchange appreciated 4.69 per cent to close at N1.34 per share.
Despite the market decline, trading activity improved significantly as investors exchanged 2.10 billion shares worth N230.83 billion in 48,231 deals, representing a 177.01 per cent increase in trading volume.
First Holdco emerged as the most actively traded stock, accounting for 1.57 billion shares valued at N196.20 billion. The transaction represented 74.77 per cent of the total trading volume and 85 per cent of the market’s total value for the day.
The latest decline comes a day after investors lost N648 billion, extending the Nigerian stock market’s losing streak and highlighting continued investor caution despite the surge in trading activity.
