The Nigerian stock market reversed its previous gains as investors on the Exchange lost N142bn at the close of trading on Thursday.
The NGX All-Share Index dropped by 177.38 points, representing a 0.18 per cent loss, to close at 98,050.12. Market Capitalisation also dipped 0.18 per cent to close at N59.43tn. Despite the daily loss, the ASI maintained a one-week gain of 0.84 per cent, a four-week loss of 1.15 per cent, and a year-to-date gain of 31.13 per cent.
Data from the exchange showed that 467.68 million shares valued at N9.59bn were traded in 10,659 deals during the session. This represents a 26 per cent increase in trading volume, a 14 per cent improvement in turnover, and a 6 per cent rise in the number of deals compared to the previous day.
In total, 127 listed equities participated in trading, with 35 gainers and 25 losers recorded. Austin Laz & Company led the gainers, appreciating by 10 per cent to close at N2.42 per share. Other top gainers included Eunisell Interlinked (+9.98 per cent), Haldane McCall (+9.95 per cent), and Honeywell Flour Mill (+9.93 per cent).
On the losing side, Wapic Insurance led with a 9.82 per cent decline to close at N1.01 per share. It was followed by University Press (-9.09 per cent), Sovereign Trust Insurance (-8.96 per cent), and Universal Insurance Company (-8.82 per cent).
FBN Holdings recorded the highest trading volume with 51.1 million shares exchanged, followed by Tantalizers (48.8 million), Lafarge Wapco (39.7 million), and Fidelity Bank (26.6 million).
Other key indices also recorded mixed performances. The Top 30 Index declined by 0.18 per cent, bringing its year-to-date gain to 32.25 per cent. The Consumer Goods Index rose by 0.39 per cent for the day, marking a year-to-date increase of 41.67 per cent. The Insurance Index advanced by 0.26 per cent, reflecting a year-to-date growth of 48.21 per cent, while the Industrial Index gained 0.21 per cent and recorded a year-to-date gain of 29.81 per cent.
On the other hand, the Main Board Index shed 0.16 per cent, while the Premium Index fell by 0.21 per cent, although both indices retained year-to-date gains of 37.22 per cent and 28.35 per cent, respectively.
Analysts noted that profit-taking by investors, especially in some large-cap stocks, contributed to the day’s loss, despite improved trading activity.
On Wednesday, the Nigerian equity market recorded an N167bn gain on Wednesday buoyed by AustinLaz & Company, Tantalizers, Wapco, and other gainers. The All-Share Index and market capitalisation rose by 0.26 per cent, to close at 98,227.50 points N59.5tn, respectively.
