Investors on the Nigerian Exchange Limited faced losses totaling N188 billion on Thursday, primarily driven by declines in the share prices of Ikeja Hotel, Honeywell Flour, and Seplat Energy.
Ikeja Hotel saw a significant drop of 9.29% to close at N6.35, while Honeywell Flour lost 8.41% to N3.16 and Seplat Energy declined by 8.30% to N3.48.
The bearish trend extended for the fourth consecutive day, with the All-Share Index dipping by 0.33% to close at 99,468.90 points, and market capitalization ending at N56.27 trillion.
Fidelity Bank led the trading volume with 46.78 million units, followed by Linkage Assurance with 32.12 million units.
Overall, the market recorded 21 gainers against 18 losers, with 75 stocks closing flat.
The banking and insurance sectors showed slight gains, while the oil & gas and consumer goods sectors experienced declines due to profit-taking activities.
Analysts are anticipating continued bearish performance in the near term, citing dampened investor sentiment amidst market volatility.
(PUNCH)