The Nigerian equity market continued its downward trend on Thursday, marking the fourth consecutive session of losses.
Investors saw a decline of N56 billion as the All Share Index (ASI) fell by 0.10%, settling at 97,100.36 points, while market capitalisation dropped to N55.13 trillion.
Year-to-date returns moderated to 31.27%, with month-to-date and week-to-date returns at -0.64% and -1.52%, respectively.
Trading volume fell by 14%, turnover dropped by 36%, and the number of deals decreased by 14% compared to the previous day.
Out of 116 listed equities, 14 gained while 31 lost value. Neimeth International Pharmaceuticals led the gainers with a 9.55% increase, followed by TotalEnergies (+8.82%), AIICO Insurance (+6.54%), and C & I Leasing (+6.07%).
Major losers included ABC Transport (-9.52%), Livestock Feeds (-9.09%), Guinea Insurance (-9.09%), and CWG Plc (-7.69%).
Veritas Kapital Assurance topped the market in volume traded with 33.4 million shares, followed by Sterling Bank (16.6 million), AIICO Insurance (16.4 million), and RT Briscoe (16.2 million).
The market’s bearish sentiment extended from earlier in the week, with declines noted on Monday (-0.72%), Tuesday (-0.5%), and Wednesday (-0.20%).