The Nigerian stock market experienced its second consecutive day of losses on Thursday, June 18, as investors continued to take profits from the market's recent rally. The Nigerian Exchange (NGX) saw its All-Share Index (ASI) drop by 3,397.80 points, closing at 237,404.92 points, down from 240,802.72 points. Market capitalization also fell sharply, losing N2.179 trillion to settle at N152.266 trillion, compared to N154.445 trillion the previous day.
Market Breadth Reflects Bearish Sentiment
The negative performance was evident in the market breadth, with 39 stocks recording losses against only 15 gainers. This indicates a strongly bearish trading session as investors reduced their exposure across various sectors.
Sector Performance
The decline was broad-based, with sell-offs recorded across major sectors. The financial services sector remained under pressure as profit-taking affected banking stocks. Consumer goods and other key sectors also experienced declines as investors rebalanced their portfolios.
Top Losers
- Africa Prudential fell by 10% to close at N11.70.
- Cadbury Nigeria declined by 10% to N62.10.
- Tripple Gee dropped 10% to N3.60.
- John Holt declined by 9.93% to N12.25.
- McNichols fell by 9.33% to N6.80.
Top Gainers
- Legend Internet led the gainers, rising by 9.52% to N5.75.
- NPF Microfinance Bank advanced by 9.18% to N5.35.
- Transcorp gained 7.32% to close at N44.00.
- Neimeth appreciated by 7.03% to N9.90.
- DAAR Communications increased by 5.29% to N1.79.
Market Activity
Trading activity improved during the session, with investors exchanging 691.6 million shares valued at N116.9 billion in 50,025 deals. This compares with 663 million shares worth N40 billion traded in 51,143 deals on Wednesday, representing a 4.31% increase in volume, a 192.25% jump in value, and a 2.19% decline in the number of deals.
Most Active Stocks
- First Holdco emerged as the most traded stock by volume, with 115.8 million shares valued at N7.1 billion.
- Access Holdings followed with 109.7 million shares worth N2.5 billion.
- Dangote Cement recorded 71.5 million shares valued at N83.4 billion.
- Japaul traded 26 million shares worth N83.6 million.
- FCMB exchanged 25.9 million shares valued at N285.9 million.
