The Nigerian Exchange sustained its bearish momentum on Thursday as profit-taking and sell-offs in several large- and mid-cap stocks wiped out about N358bn from the market capitalisation.
At the close of trading, the NGX’s market value fell to N91.9tn from the N92.26tn recorded in the previous session, reflecting the continued pressure from investors locking in recent gains. The All-Share Index dipped by 497.77 points, or 0.34 per cent, to close at 145,367.03 points. This brought the market’s one-week loss to 0.82 per cent, despite a four-week gain of 11.58 per cent and an impressive year-to-date growth of 41.23 per cent.
Trading activity was upbeat compared to the previous session. Investors exchanged 2.46bn shares worth N22.22bn in 43,505 deals, representing an 83 per cent increase in volume, a 10 per cent rise in turnover, and a 42 per cent improvement in the number of deals.
Market breadth remained negative, with 22 gainers against 52 losers. Juli led the gainers’ chart, rising by 10 per cent to close at N9.90 per share. Austin Laz & Company appreciated by 9.91 per cent to N2.33, NCR Nigeria climbed 9.43 per cent to N8.70, and Thomas Wyatt Nigeria gained 8.19 per cent to N3.70 per share.
On the flip side, Wema Bank topped the losers’ table with a 10 per cent drop to N20.70 per share. C&I Leasing, UPDC, and Lasaco Assurance also shed 10 per cent each to close at N7.20, N7.20, and N4.50 per share, respectively.
In terms of volume, Universal Insurance emerged as the most traded stock with 390.40m shares worth N577.44m, followed by Aiico Insurance with 236.57m shares valued at N1.11bn. Linkage Assurance traded 214.27m shares worth N589.19m, while Mutual Benefits Assurance exchanged 157.53m shares valued at N638.66m.
On the value chart, Nigerian Breweries led with trades worth N1.87bn, followed by Ellah Lakes with N1.77bn, Access Holdings with N1.29bn, and Zenith Bank with N1.15bn.
Sectoral performance was mixed. The Industrial Index inched up by 0.11 per cent, while the Premium Index rose marginally by 0.03 per cent. Losses were recorded in the Top 30 Index (-0.15 per cent), NGX Oil & Gas Index (-0.11 per cent), NGX Consumer Goods Index (-0.2 per cent), and NGX Pension Index (-0.25 per cent).
