The Nigerian equity market continued its downward trend on Thursday, with a loss of N65 billion as the All Share Index (ASI) and market capitalisation fell by 0.12%, closing at 95,718.05 points and N54.98 trillion, respectively.
This decline brought the year-to-date return to 28.74%, while month-to-date and week-to-date returns dropped to -2.05% and -1.36%, respectively.
Despite the overall decline, the day’s trading session saw a 9% increase in trading volume, although turnover decreased by 19%, and the number of deals fell by 6%.
In Thursday’s session, 22 stocks gained, with Skye Shelter Fund leading the way with a 10% increase, closing at N122.65 per share.
Other notable gainers included Academy Press, Oando, and RT Briscoe, each recording significant gains. On the losing side, Transcorp Hotels experienced the highest decline, dropping 10% to N90, followed by Chams, Eterna, and Ikeja Hotel.
Universal Insurance Company led in trading volume with 68.2 million shares exchanged, followed by Chams, Oando, and Transcorp Nigeria.
Despite the overall market decline, the Nigerian stock market saw an increase in capitalisation by N599 billion earlier in the week, driven by the listing of new shares by International Breweries Plc.