Nigerian Stock Market Loses N32bn as Investors Exit Positions
The Nigerian stock market shed more than N32 billion in value from the equities portfolio on Thursday as investor sentiment turned negative.
Trading activity was mixed, as volume and turnover advanced 4.64% and 17.71% to 498.45 million shares and ₦34.87 billion, respectively, while deal count slipped 3.68% to 39,484 transactions.
Stockbrokers reported that the Nigerian Exchange (NGX) All-Share Index (ASI) and market capitalisation recorded a 0.09% loss, closing at 242,145.61 basis points.
Market capitalisation lost about N32.16 billion, a 0.02% decline, to settle at N156.21 trillion, while year-to-date return moderates to 55.61%.
Market breadth stood at 1.23x, with 27 gainers and 22 losers. The gainers list was led by FIRSTHOLDCO (9.96%), MCNICHOLS (8.00%), and UBA (7.93%), while the losers list was topped by EUNISELL (-10.00%), BUACEMENT (-9.99%), and CAP (-9.61%).
Market activity levels were up, with total volume increasing to 498.43 million units, value increasing to N34.86 billion, and the number of deals decreasing to 39,429, compared to the last trading session.
In the previous day, 476.34 million units of shares valued at N29.63 billion were exchanged in 40,992 deals. JAPAULGOLD led the volume chart with 77.66 million units.
Today, SEPLAT topped the value chart with N13.19 billion worth of trades.
Sectoral performance was mostly positive, as Banking (+2.87%), Consumer Goods (+0.30%), Insurance (+0.16%), and Oil & Gas (+0.08%) all closed in positive territory, while Industrial (-2.85%) weighed on the index and the Commodity sector ended flat.
Investment firm Cowry Asset Limited said the market is expected to rebound on the back of strategic portfolio rebalancing, though profit-taking in recently appreciated counters could temper the pace of any recovery.
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