Nigerian stock market experienced a 0.49 percent decline on Thursday, resulting in a N438 billion loss for investors, driven by heavy selloffs in key equities.
The market capitalization, which started at N89.372 trillion, fell to N88.934 trillion, while the All-Share Index dropped by 691.52 points, or 0.49 percent, closing at 140,557.24, down from 141,248.76 recorded the previous day.
Significant declines in stocks such as International Energy Insurance, Omatek Ventures, Ellah Lakes, Royal Exchange, and Sunu Assurances, alongside 34 other equities, fueled the market’s downturn. International Energy Insurance led the losers, plummeting 9.62 percent to close at N3.29 per share, while Omatek Ventures shed 8.97 percent, ending at N1.32.
“The market was heavily weighed down by selloffs in these stocks,” a market analyst noted, reflecting the broader negative sentiment.
Ellah Lakes dropped 8.49 percent to N13.68, Royal Exchange fell 6.98 percent to N2, and Sunu Assurances declined 6.42 percent, closing at N5.54 per share.
The market breadth underscored the bearish session, with 39 losers outnumbering 19 gainers.
On the gainers’ side, SCOA Nigeria topped the chart with a 10 percent increase, closing at N6.05, followed by RT Briscoe, which rose 9.80 percent to N3.36. NEM Insurance gained 7.96 percent to end at N31.20, NGX Group advanced 7.94 percent to N57.80, and McNichols climbed 7.04 percent to N3.80 per share.
“Despite the overall market dip, pockets of resilience in these stocks provided some balance,” an analyst observed.
Trading activity showed a surge in volume and value, with 885.02 million shares worth N28.3 billion exchanged in 26,163 deals, compared to 682.9 million shares valued at N22.2 billion in 28,695 transactions the previous day. Champion Breweries dominated trading volume with 201.1 million shares worth N3.47 billion, followed by Access Corporation with 102.18 million shares valued at N2.76 billion and Guaranty Trust Holding with 96.4 million shares worth N8.88 billion.
Sterling Nigeria and FirstHoldCo also saw significant trades, with 90.8 million shares worth N726.6 million and 46.3 million shares worth N1.5 billion, respectively.
