The Nigerian stock market experienced its fourth consecutive day of decline on Thursday, with 39 listed firms contributing to the downturn. The market capitalisation fell by 0.36 per cent, resulting in a loss of N348 billion for investors. This significant decline was largely due to substantial selloffs in several key stocks, including Legend Internet, Champion Breweries, and Sovereign Trust Insurance, among others.

At the close of trading on Thursday, the market capitalisation stood at N95.316 trillion, down from N95.664 trillion at the opening. The All-Share Index also decreased by 0.36 per cent, or 547.32 points, to 150,573.87, compared to 150,026.55 on Wednesday. The year-to-date return has declined by 45.76 per cent, indicating a challenging period for investors.

The market breadth was negative, with 39 losers and 15 gainers recorded. Legend Internet led the losers’ chart, experiencing a 9.93 per cent decline. In contrast, UPDC topped the gainers’ chart with a 9.83 per cent increase, closing at N6.55, followed by FCMB.

According to data from the Nigerian Exchange Limited (NGX), market activity decreased in terms of volume, value, and number of deals. A total of 619.63 million shares worth N16.5 billion were traded across 24,865 transactions, compared to 1.11 billion shares valued at N29.8 billion exchanged in 27,303 deals on Wednesday. FCMB Group led in traded volume, with 149.9 million shares worth N1.6 billion.

The decline in the Nigerian stock market is a continuation of the losses recorded by investors since the beginning of the week. The NGX has experienced a significant downturn, with investors losing substantial value in their investments. As the market continues to fluctuate, investors will be closely monitoring the situation, seeking opportunities to recover their losses or adjust their investment strategies. The current trend highlights the importance of careful investment decisions and the need for a diversified portfolio to mitigate risks in the volatile stock market.