The Nigerian stock market continued its downward trend on Thursday, with the Nigerian Exchange (NGX) reporting a loss of N1.005 trillion in market value. This follows a N648 billion decline the previous day, extending a bearish streak that has weighed on investor sentiment.
Market capitalisation fell to N158.339 trillion from N159.344 trillion recorded on Wednesday, reflecting a contraction of roughly N1.005 trillion. The All‑Share Index (ASI) slipped 1,617.91 points, a 0.66 percent drop, to close at 245,362.26, down from 246,980.17 the day before. The year‑to‑date return slipped to 57.67 percent, and market breadth remained negative, with 44 stocks posting losses against 18 gainers.
Among the worst performers, Tripple Gee led the losers’ list with a 10 percent decline, closing at N2.88 per share. Lasaco Assurance followed, shedding 9.92 percent to N2.18, while C&I Leasing fell 9.84 percent to N5.50. Mutual Benefits Assurance dropped 9.80 percent to N3.22, and Trans‑Nationwide Express declined 9.03 percent to N2.82.
On the upside, Legend Internet topped the gainers’ chart, rising 8.64 percent to N4.40 per share. Daar Communications advanced 7.32 percent to N1.76, and Sterling Financial Holdings gained 6.67 percent to N8.00. Sovereign Trust Insurance rose 5.73 percent to N2.03, and Royal Exchange appreciated 4.69 percent to N1.34.
Trading activity saw a sharp uptick, with investors exchanging 2.10 billion shares worth N230.83 billion across 48,231 deals. This represents a 177.01 percent increase in trading volume compared with the previous session. First Holdco emerged as the most actively Traded stock, accounting for 1.57 billion shares worth N196.20 billion. The transaction represented 74.77 percent of the total volume traded and 85 percent of the market’s total value for the day.
The market’s continued slide underscores the challenges facing Nigeria’s Economy, including currency volatility and global commodity price pressures. While the surge in trading volume suggests heightened investor activity, the persistent negative breadth and falling market capitalisation signal caution among market participants.
Analysts will be watching Thursday’s data for clues on whether the NGX can reverse its trend or whether the bearish momentum will persist. Investors and policymakers alike will be keen to see how the market responds to forthcoming economic indicators and any policy announcements that could influence sentiment.
