Equity market extends loss to fourth consecutive day
The Nigerian equity market’s downward streak extended to the fourth consecutive session on Thursday, as investors lost N56bn.
Due to persistent sell-offs, the All Share Index declined by 0.10 per cent, settling at 97,100.36 points and market capitalisation dipped to N55.13tn.
The market year-to-date return moderated further to 31.27 per cent, the month-to-date to -0.64 per cent, and the week-to-date to -1.52 per cent, respectively.
At the close of Thursday’s trading session, a total of 271.3 million shares valued at N3.52bn were traded in 7,233 deals, representing a 14 per cent decline in volume, a 36 per cent drop in turnover, and a 14 per cent reduction in deals compared to the previous day’s performance
Bearish sentiment continued to dominate the market as 116 listed equities participated in trading, resulting in 14 gainers and 31 losers.
On the gainers’ chart, Neimeth International Pharmaceuticals led with a 9.55 per cent increase, closing at N2.18 per share.
TotalEnergies also saw an 8.82 per cent rise, while AIICO Insurance and C & I Leasing gained 6.54 per cent and 6.07 per cent, respectively.
However, Oando led the laggards, suffering a 9.94 per cent decline to close at N32.60 per share.
ABC Transport (-9.52 per cent), Livestock Feeds (-9.09 per cent), Guinea Insurance (-9.09 per cent), and CWG Plc (-7.69 per cent) were also among the major losers.
Veritas Kapital Assurance led the market in volume traded, with 33.4 million shares, followed by Sterling Bank with 16.6 million, AIICO Insurance (16.4 million), and RT Briscoe (16.2 million).
On Monday, the Nigerian equity market closed the first trading day of the week on a negative note, with the All Share Index declining by 0.72 per cent to settle at 97,881.75 points.
On Tuesday, the Nigerian equity market continued its bearish trend, influenced by the declining share prices of companies Oando, Livestock Feeds, Cornerstone Insurance Company, and Linkage Assurance, which caused it to shed 0.5 per cent.
Also, on Wednesday, the Nigerian Exchange witnessed bearish sentiments as the All Share Index declined by 0.20 per cent, closing at 97,199.60 points.
