Investors lose N348 billion as market records 4th consecutive loss
The Nigerian equities market recorded its fourth consecutive negative performance on Thursday as investors lost N348 billion.
Selloffs in Legend Internet, Champion Breweries, Tantalizer, Sovereign Trust Insurance, Linkage Assurance, and 34 other declining stocks dragged down the market performance.
Specifically, the market capitalisation, which opened at N95.664 trillion, closed at N95.316 trillion, representing a 0.36 per cent loss.
The All-Share Index also declined by 0.36 per cent or 547.32 points to close at 150,573.87, compared with 150,026.55 posted on Wednesday.
Similarly, the year-to-date return declined by 45.76 per cent. The market breadth closed negative, with 39 losers and 15 gainers recorded.
Legend Internet led the losers’ chart by 9.93 per cent to close at N5.26. Champion Breweries followed with a 9.72 per cent loss to finish at N14.40.
Tantalizer fell by 8.12 per cent to close at N2.15 per share. Sovereign Trust Insurance dipped by 7.51 per cent to end at N3.08, while Linkage Assurance declined by 7.50 per cent to close at N1.85.
Conversely, UPDC topped the gainers’ chart by 9.83 per cent to close at N6.59. FCMB gained eight per cent to finish at N10.80, while Omatek Ventures rose by 7.44 per cent to close at N1.30 per share.
AIICO Insurance appreciated by 5.35 per cent to close at N3.74, and AXA Mansard Insurance increased by 5.26 per cent to finish at N14 per share.
Market activity showed an overall decline in volume, value, and number of deals, with 619.63 million shares worth N16.5 billion traded across 24,865 transactions.
This contrasts with 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, followed by Consolidated Hallmark Holdings with 79.1 million shares valued at N319.7 million.
Zenith Bank recorded the highest stock value, trading 41.9 million shares worth N2.51 billion, while Sterling Nigeria sold 38.5 million shares valued at N314.9 million.
Access Holdings transacted 32.3 million shares worth N731.4 million.
(NAN)
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