The Nigerian Exchange (NGX) closed Thursday’s trading session on a bearish note as widespread sell pressure in key stocks led to a market downturn. The benchmark All-Share Index (ASI) dropped by 584.32 points, or 0.38 per cent, settling at 153,676.66 points. Consequently, investors lost a total of ₦371 billion, with market capitalization falling to ₦97.6 trillion from ₦97.97 trillion recorded the previous day.
Despite the overall decline, trading activity saw a notable improvement across all indicators. Investors exchanged 495.85 million shares valued at ₦29.56 billion across 28,926 deals. This marked a 9 per cent rise in trading volume, a 99 per cent increase in value, and a 5 per cent uptick in the number of transactions compared to Wednesday’s session, signaling continued investor participation despite market weakness.
Market sentiment remained largely negative, with 40 stocks declining against 20 gainers. Oando Plc led the gainers’ chart with a 9.99 per cent surge to close at ₦46.80 per share, followed by Aso Savings and Loans, which gained 9.3 per cent. AIICO Insurance and May & Baker Nigeria also posted gains of 5.26 per cent and 5 per cent, respectively.
On the flip side, Cadbury Nigeria, International Breweries, and Chams Plc were among the day’s biggest losers, each shedding 10 per cent to close at ₦62.55, ₦12.60, and ₦3.51 per share, respectively. Learn Africa also dipped by 9.92 per cent to ₦5.90. Guaranty Trust Holding Company (GTCO) led both in volume and value, trading 97.9 million shares worth ₦8.72 billion, followed by Aso Savings, Chams, and AIICO Insurance.
Sectoral performance was mixed, with the Banking Index posting a slight 0.06 per cent gain, while the Industrial, Premium, and Pension indices dipped by 0.25 per cent, 0.11 per cent, and 0.39 per cent, respectively. Market analysts attributed the day’s bearish sentiment to profit-taking activities.
source: Punch