The Nigerian stock market extended its losing streak on Thursday, shedding N781 billion in market value as persistent sell-offs dragged performance into negative territory. The All-Share Index (ASI) fell by 1,233.87 points, representing a 0.87% decline, to close at 140,332.44 points, while overall market capitalization settled at N88.78 trillion.
The downtrend was driven largely by price depreciation in key large and medium-cap stocks, including BUA Cement, Julius Berger, MTN Nigeria Communications (MTNN), Champion Breweries, and AXA Mansard Insurance. Analysts at Afrinvest Limited attributed the decline to weak investor confidence, predicting that the bearish momentum may persist in the coming sessions.
Market sentiment remained deeply negative as 45 stocks recorded losses, compared to just 16 gainers. Among the top performers, Jaiz Bank led the gainers’ chart with a 9.75% rise to close at N4.39 per share, followed by Secure Electronic Technology, which gained 9.38% to settle at N1.05. Other notable gainers included Omate Venture, Chams Holding Company, and Custodian Investment.
On the losers’ side, International Energy Insurance, Thomas Wyatt Nigeria, Veritas Kapital Assurance, and University Press each dropped by 10%. BUA Cement and Julius Berger also posted significant losses of 9.96% each, closing at N151.80 and N132.90 per share, respectively, further dampening market outlook.
Trading activity mirrored the bearish sentiment, with the total transaction volume dropping by 64.44% to 573.75 million units, valued at N12.88 billion, across 25,881 deals. Fidelity Bank dominated the activity chart with 96.07 million shares worth N1.99 billion, while Veritas Kapital Assurance, Universal Insurance, Access Holdings, and Jaiz Bankfollowed as the most actively traded stocks.
Source: Leadership