Trading on the Nigerian Exchange on Thursday ended on a losing note, as stocks continued to fall for the third day in a row.
The decline reflects growing caution among investors, who have been selling off shares to lock in profits after weeks of strong market gains.
Where the Market Stood at Close
According to the Daily Official List, the All Share Index dropped to 193,567.81, while the total value of all listed companies fell to N124.24 trillion. That represents a loss of N514 billion from investors’ wealth in a single day.
Market analysts had earlier predicted a mixed performance, noting that many investors would use the current earnings season, the period when companies release their financial results, to sell shares and adjust their portfolios.
Which Sectors Were Hit Hardest
Most sectors recorded losses on Thursday. Industrial stocks suffered the biggest decline, pulled down by heavy selling in major manufacturing companies.
The consumer goods sector also posted a slight drop as investors reduced their holdings in some of the market’s biggest names.
Banking stocks pulled back after gaining earlier in the week, while insurance stocks remained weak due to low trading activity.
The only sector that managed to rise was oil and gas, which edged up by 0.12 per cent on the back of selective buying interest from some investors.
Winners and Losers
More stocks fell than rose on Thursday. A total of 38 stocks declined while 30 advanced, confirming the bearish mood of the market.
Among the stocks that gained, FTN Cocoa led with a 10 per cent rise, followed by RT Briscoe at 9.95 per cent, DEAPCAP at 9.92 per cent, JapaulGold at 9.91 per cent, and Ellahlakes at 9.72 per cent.
On the losing side, Jaiz Bank and Enamelware both fell by nearly 10 per cent. Ikeja Hotel and John Holt each dropped 9.90 per cent, while Cadbury declined by 9.69 per cent.
Trading Activity Also Slowed Down
It was not just prices that fell. The volume and pace of trading also weakened compared to the previous day.
The number of shares traded dropped by 36 per cent to 868.54 million units. The total value of trades fell by about 31 per cent to N31.48 billion, and the number of deals completed declined slightly to 69,310 transactions.
