The Nigerian equities market extended its losing streak on Thursday as profit-taking continued across major stocks, erasing N958.5 billion from investor wealth. The decline was driven by sell-offs in Aradel Holdings, Oando, Transcorp, and banking stocks, according to analysts who attributed the trend to continued profit-taking by investors following the strong rally recorded earlier in the year.
Market Indices Drop Sharply
The Nigerian Exchange (NGX) All-Share Index (ASI) fell by 0.64% on Thursday, dropping 1,493.71 points to close at 233,580.83 points from 235,074.54 points recorded in the previous session. The decline reduced the total market capitalisation by N958.5 billion, bringing investor wealth down to N149.89 trillion. The latest drop extended the market’s correction phase, as cautious investor sentiment and portfolio rebalancing continued to weigh on trading activities. The market’s year-to-date return also slipped below the 51% mark, settling at 50.10% following Thursday’s decline.
Widespread Selling Pressure Across Sectors
Trading sentiment remained negative as losses in oil & gas, commodity, insurance, and banking stocks dragged the market lower. Market breadth weakened, with 34 stocks closing lower against 14 gainers, reflecting widespread selling pressure across sectors. Top gainers included Red Star Express, which led the gainers’ chart, rising 9.60% to close at N24.55. Legend Internet gained 9.09% to N6.00. Neimeth International Pharmaceuticals advanced 7.10% to N8.30. Abbey Mortgage Bank increased by 5.45% to N8.70. Ellah Lakes climbed 4.65% to N9.00.
Top Losers and Most Active Stocks
On the losing side, Deap Capital Management & Trust declined 10.00% to N4.05. Aradel Holdings dropped 10.00% to N1,575.00. Trans-Nationwide Express fell 9.90% to N3.64. Regency Alliance Insurance declined 9.57% to N0.85. C & I Leasing shed 9.48% to N5.25. Market activity slowed during Thursday’s session, with total volume traded falling 19.35% to 393.65 million shares valued at N19.21 billion across 45,813 deals. Access Holdings emerged as the most traded stock by volume, exchanging 39.05 million shares valued at N896.21 million. Chams Holding Company followed with 24.50 million shares worth N96.49 million. Fidelity Bank recorded 24.07 million shares valued at N436.93 million. Sterling Financial Holdings traded 23.75 million shares worth N182.20 million. Zenith Bank exchanged 18.94 million shares valued at N2.13 billion.
