Nigerian Stock Market Dips as Cornerstone, RT Briscoe Lead Losers Amid N324bn Decline

The Nigerian stock market closed on a negative note on Thursday, shedding N324 billion in market capitalization after the benchmark All-Share Index fell by 512.60 points or 0.36 per cent, to settle at 141,248.76 points. Despite the day’s dip, the market maintained a year-to-date gain of 37.23 per cent, indicating resilience in overall performance.

Trading activity remained strong, with 682.85 million shares exchanged in 28,651 deals, valued at N22.22 billion. This represents a 13 per cent increase in volume and a significant 72 per cent boost in turnover compared to the previous session. The Nigerian Exchange (NGX) now holds a market capitalization of N89.4 trillion, underscoring its position as Africa’s leading exchange.

A total of 127 equities participated in the day’s trading, producing 17 gainers and 40 losers. Cornerstone Insurance Company led the losers’ chart with a 10 per cent drop, closing at N6.39 per share, while RT Briscoe followed with an identical 10 per cent decline. Other notable decliners included Associated Bus Company (−9.8%) and Nigerian Exchange Group (−9.7%). Conversely, Deap Capital Management & Trust topped the gainers’ list with a 4.82 per cent increase to N1.74, alongside Legend Internet (+4.63%), Honeywell Flour Mill (+4.17%), and Tantalizers (+3.6%).

In terms of trading activity, FCMB Group led by volume with 108 million shares, followed by Sterling Bank (86m), Cutix (45.8m), and Access Holdings (39.3m). By value, Aradel dominated transactions at N4.1 billion, trailed by Seplat (N2.62bn), Nestle (N1.28bn), BUA Foods (N1.25bn), and FCMB (N1.19bn). Sector performance was mixed as the Top 30 Index dropped 0.27%, Main Board Index slipped 0.56%, while the Oil & Gas Index rose slightly by 0.18%, and the Premium Index remained flat.

The decline signals a shift in investor sentiment, largely driven by profit-taking and sectoral pullbacks after earlier gains. This comes after the NGX posted a strong performance on Tuesday, when investors gained N203 billion and the All-Share Index advanced by 0.23 per cent to 141,761.36 points, reflecting short-term volatility in an otherwise bullish market trend.

Source: Punch