Nigeria's stock market experienced a significant decline on Thursday, with profit-taking in mid-cap stocks wiping out N170 billion from investors' portfolios at the close of trading on the Nigerian Exchange Group (NGX).
Market Indices Decline
Data from the Nigerian Exchange Limited revealed that the All-Share Index (ASI) fell from 252,508.19 points to 252,243.11 points, representing a 0.10% drop. Consequently, market capitalisation decreased from N161.839 trillion to N161.669 trillion.
Sector Performance Mixed
Sectoral performance was largely negative. The banking index declined by 0.92%, consumer goods shed 0.13%, industrial goods slipped 0.03%, and the energy index dipped 0.02%. The insurance index was the sole gainer, rising by 0.46%.
Despite the overall downturn, market breadth remained positive, with 37 gainers against 29 losers, indicating continued selective buying interest, as reported by Punch.
Top Gainers and Losers
Gainers
- Learn Africa Plc: gained N0.90, rising from N9.00 to N9.90 per share (+10.00%)
- Fidson Healthcare Plc: gained N11.32, moving from N113.28 to N124.60 per share (+9.97%)
- Austin Laz & Company Plc: gained N0.37, rising from N3.72 to N4.09 per share (+9.95%)
- Berger Paints Plc: gained N13.90, increasing from N140.10 to N154.00 per share (+9.92%)
- Deap Capital Management & Trust Plc: gained N0.52, rising from N5.25 to N5.77 per share (+9.90%)
Losers
- Zichis Plc: declined N3.62, falling from N36.31 to N32.69 per share (−9.99%)
- FTN Cocoa Processors Plc: dropped N1.09, decreasing from N11.04 to N9.95 per share (−9.87%)
- Meyer Plc: declined N2.34, moving from N23.89 to N21.55 per share (−9.83%)
- RT Briscoe Plc: lost N1.60, falling from N17.00 to N15.40 per share (−9.41%)
- Neimeth International Pharmaceuticals Plc: declined N0.80, dropping from N10.75 to N9.95 per share (−7.44%)
Most Active Stocks
Trading activity weakened, with 1.0 billion shares worth N41.6 billion exchanged across 74,822 deals. The most actively traded stocks included:
- Chams Plc: 127.9 million shares traded, worth N501.2 million
- VFD Group Plc: 10.7 million shares traded, worth N1.2 billion
- First Holdco Plc: 75.6 million shares traded, worth N5.4 billion
- Access Holdings Plc: 50.3 million shares traded, worth N1.3 billion
- United Bank for Africa Plc: 44.9 million shares traded, worth N2.0 billion
Naira Depreciates Against Dollar
In related news, the naira opened the week on a bearish note, declining against the dollar at the Nigerian Foreign Exchange Market (NAFEM). The local currency fell by 0.86% to N1,373.16 per dollar, down from N1,361.39 in the previous trading session. The naira also weakened against major currencies in the official market.
