Nigerian Stock Market Suffers N623bn Loss as Lafarge Africa, 47 Firms Lead Selloffs

The Nigerian stock market continued its bearish run yesterday, wiping out N623 billion in market value, as heavy selloffs in Lafarge Africa Plc and 47 other companies dragged the market into the red. Investors remain cautious amid weak sentiment, fueling fears of further declines in the coming days.

The All-Share Index (ASI) fell by 984.55 points, or 0.70 per cent, to close at 138,737.64 points, while market capitalisation dropped to N87.78 trillion. The downturn was largely driven by losses in medium- and large-cap stocks, with notable declines from Lafarge Africa, Cadbury Nigeria, PZ Cussons, Vitafoam, and Dangote Sugar Refinery.

Analysts at Afrinvest Limited warned that the selloffs may persist, noting that profit-taking activities and weak investor confidence could continue to pressure key sectors. “We expect cautious trading sessions in the short term, as the market grapples with sentiment-driven losses,” the firm said in its outlook.

Market breadth closed negative, reflecting the dominance of losers over gainers. While 48 stocks declined, only 11 managed to advance. Top gainers included NCR Nigeria, which rose 9.96 per cent, Austin Laz & Company up 9.66 per cent, and Tantalizer, which gained 6.09 per cent. On the flip side, AIICO Insurance, Prestige Assurance, Wema Bank, and Consolidated Hallmark Holdings each shed 10 per cent of their share value.

Trading activity also slowed, with a 0.84 per cent drop in transaction volume. A total of 407.57 million shares worth N39.87 billion exchanged hands in 31,406 deals. Guaranty Trust Holding Company (GTCO) led the chart with 32.6 million shares traded, followed by Access Holdings and AIICO Insurance. Despite a few bright spots, investors are bracing for continued volatility in the short term.

Source: Leadership