Investors at the Nigerian Exchange Group (NGX) have witnessed a drop in market capitalisation, as Thursday’s trading session closed negative, with equity cap dropping by ₦308 billion, reversing three consecutive days of gains following profit-taking in large-cap stocks.
The All-Share Index declined by 0.39 per cent, shedding 478.64 points to close at 120,779.05 points, a decline that pulled the market capitalisation down, as investors lost ₦308 billion—leading to ₦76.5 trillion close from the previous day’s ₦76.81trillion.
Despite the day’s loss, the market has recorded a 2.48 per cent weekly gain, a 9.91 per cent rise in four weeks, and a year-to-date return of 17.35 per cent.
Based on Thursday’s sell-off, analysts at Afrinvest expect the local bourse to continue its bearish performance driven by continued profit-taking activities.
Market activity showed mixed performance, with a total of 892.97 million shares valued at ₦18.23 billion exchanged in 25,375 deals.
This represented a four per cent increase in trading volume, a 30 per cent decline in turnover, and an 11 per cent rise in the number of deals when compared to Wednesday’s session.
At the end of the trading session, 33 closed in positive while 38 posted losses.
Skye Shelter Fund led the gainers’ chart with a 10 per cent increase to close at ₦249.25 per share. Unilever Nigeria also rose by 10 per cent to close at ₦51.70.
Neimeth International Pharmaceuticals gained 9.98 per cent to close at ₦5.40, while UAC of Nigeria appreciated by 9.97 per cent to settle at ₦38.05.
On the other hand, Thomas Wyatt Nigeria topped the losers’ list with a 10 per cent decline to close at ₦2.07.
The Nigerian Aviation Handling Company followed, dropping by 9.99 per cent to ₦91.00, while Oando Plc and Associated Bus Company shed 9.96 per cent and 8.92 per cent, respectively, to close at ₦61.90 and ₦2.45, respectively.
In terms of volume, Ellah Lakes led the chart with 113 million shares traded. Access Holdings followed with 76.2 million shares; Caverton Offshore Support Group recorded 64.9 million shares as Japaul Gold and Ventures posted 61.6 million shares in turnover.
Sectoral performance was mixed as the Industrial Index gained 2.11 per cent, while the Insurance Index rose by 1.08 per cent.
However, the Top 30 Index dipped by 0.4 per cent. The Pension Index dropped by 0.26 per cent as the Premium Index fell by 0.29 per cent. The Main Board Index lost 0.45 per cent.