The Nigerian stock market reversed gains from the previous session, recording a loss of N457 billion for investors on Thursday.
The decline followed 23 consecutive bullish sessions.
The downturn was driven by profit-taking in stocks such as McNicholas, Caverton Offshore Support Group, Ikeja Hotel, FTN Cocoa Processors, Neimeth International Pharmaceutical, and 36 other declining stocks.
Specifically, the Nigerian Exchange Ltd. market capitalisation, which opened at N106.780 trillion, shed N457 billion, or 0.43 per cent, to close at N106.323 trillion.
The All-Share Index also lost 0.43 per cent, or 714.66 points, to close at 166,057.29, against 166,771.95 recorded on Wednesday.
Similarly, market breadth closed negative, with 41 losers against 36 gainers.
McNicholas led the losers’ chart, dropping by 9.99 per cent to settle at N6.58. Caverton Offshore Support Group followed with a decline of 9.47 per cent to close at N7.65, while Ikeja Hotel lost 9.43 per cent, ending the session at N35.05 per share.
FTN Cocoa Processors fell by 9.38 per cent to finish at N7.05, while Neimeth International Pharmaceutical shed 8.91 per cent to close at N9.20 per share.
On the gainers’ chart, Nestlé Nigeria led with a 10 per cent increase, settling at N2,153.80. NCR Nigeria trailed with a gain of 9.97 per cent to close at N116.90, while Jaiz Bank rose by 9.92 per cent to end at N8.20 per share.
Morison Industries gained 9.90 per cent to close at N5.66, while Mecure Industries appreciated by 9.84 per cent to end the session at N97.70 per share.
A total of 1.03 billion shares worth N31.6 billion were exchanged across 51,227 deals, compared with 761.9 million shares valued at N29.9 billion traded in 55,751 transactions in the previous session.
This represents a 36 per cent increase in volume, a six per cent growth in value, and an eight per cent decline in the number of deals.
Zenith Bank recorded the highest value traded at N5.03 billion, accounting for 15.92 per cent of the total value for the day.
Access Corporation and Zenith Bank accounted for 7.58 per cent and 7.00 per cent of total volume traded, respectively.
Reacting to the negative performance, the Vice President of Highcap Securities, Mr David Adonri, said the market had been fatigued after prolonged sessions of a relentless rally and therefore needed to rest.
Adonri said this was a normal development as investors began to reposition their portfolios, considering the arrival of the earnings season, when corporate earnings disclosures would be made to the investing public.
He said the market would begin to gather momentum very soon.
(NAN)
