Nigerian stock market extended its bearish run on Thursday, with investors losing N1.005 trillion in market value, a day after the market shed N648 billion.
Trading data from the Nigerian Exchange, NGX showed that the market capitalisation declined to N158.339 trillion from N159.344 trillion recorded on Wednesday.
Similarly, the All-Share Index, ASI dropped by 1,617.91 points, or 0.66 per cent, to close at 245,362.26, compared to 246,980.17 in the previous trading session.
The latest decline also reduced the market’s year-to-date return to 57.67 per cent, while market breadth remained negative, with 44 stocks recording losses against 18 gainers.
On the losers’ chart, Tripple Gee led with a 10 per cent decline to close at N2.88 per share. Lasaco Assurance followed after shedding 9.92 per cent to N2.18, while C&I Leasing lost 9.84 per cent to settle at N5.50 per share.
Mutual Benefits Assurance also fell by 9.80 per cent to close at N3.22, while Trans-Nationwide Express declined by 9.03 per cent to finish at N2.82 per share.
Conversely, Legend Internet topped the gainers’ chart with an 8.64 per cent appreciation to close at N4.40 per share.
Daar Communications advanced by 7.32 per cent to N1.76, while Sterling Financial Holdings gained 6.67 per cent to settle at N8.00 per share.
Sovereign Trust Insurance rose by 5.73 per cent to close at N2.03, while Royal Exchange appreciated by 4.69 per cent to N1.34 per share.
Meanwhile, trading activity improved significantly during the session, with investors exchanging 2.10 billion shares valued at N230.83 billion in 48,231 deals, representing a 177.01 per cent increase in trading volume.
First Holdco emerged as the most actively traded stock, accounting for 1.57 billion shares worth N196.20 billion. The transaction represented 74.77 per cent of the total volume traded and 85 per cent of the market’s total value for the day.
Recall that on Wednesday, investors recorded losses of N648 billion on the NGX.
Nigerian stock market extends decline with N1.005tn massive loss