The Nigerian stock market extended its losing streak to three consecutive sessions on Thursday, as a decline in major banking and consumer goods equities led to a market capitalization loss of N515 billion.
Data from the Nigerian Exchange Limited (NGX) showed the total market value dropped from an opening N124.753 trillion to N124.238 trillion by the close of trading. The key All-Share Index also retreated, falling 0.41 percent or 802.39 points to settle at 193,567.81, down from 194,370.20 recorded the previous day. This downward pressure has reduced the Year-To-Date (YTD) return for investors to 24.39 percent.
Market breadth was negative, with 30 equities advancing against 38 decliners. Jaiz Bank led the losers, shedding 9.98 percent to close at N12.63 per share. It was closely followed by Ikeja Hotel and John Holt, both down 9.90 percent to N37.75 and N8.65 respectively. Nigerian Enamelware (-9.88% to N36.50) and Cadbury Nigeria (-9.69% to N61.95) also featured prominently among the session’s biggest fallers.
Conversely, FTN Cocoa Processors topped the gainers’ list, rising by its maximum 10 percent to close at N6.05. RT Briscoe followed with a 9.95 percent increase to N11.38, while Deap Capital Management, Japaul Gold Ventures, and Omatek Ventures also recorded significant gains.
Trading activity slowed overall. Total volumes and value fell by 36.01 percent and 30.58 percent respectively, with 868.5 million shares worth N31.5 billion traded across 69,310 deals. This compared to 1.4 billion shares valued at N46.2 billion in 70,222 transactions on Wednesday. Jaiz Bank was the most traded stock by volume, accounting for 78.94 million shares or 9.09 percent of the day’s total. Zenith Bank commanded the highest traded value at N4.06 billion, representing 12.89 percent of the session’s total.
The cumulative losses for the week follow sharp declines earlier in the week, with investors losing N1.141 trillion on Tuesday and N74 billion on Wednesday. The persistent sell-off, particularly in previously high-flying banking and industrial stocks, signals a cautious shift in market sentiment, eroding the substantial gains accumulated earlier in the year.
