The Nigerian Exchange Limited (NGX) extended its recent decline on Thursday as investors continued to sell shares across several major sectors of the market.
The NGX All-Share Index dropped by 949.71 points, representing a 0.39 per cent decline, to close at 243,017.38 points. This was lower than the 243,967.09 points recorded at the previous trading session.
The decline also affected the overall value of listed equities. Market capitalisation fell by N613.08bn to N156.88tn as investors reduced their exposure to several stocks.
Selling pressure was visible across major segments of the market. The NGX Main Board Index fell to 10,939.43 points, while the NGX 30 Index declined to 8,907.98 points.
Banking stocks also recorded losses, with the NGX Banking Index dropping to 2,553.87 points.
Other sectors followed the same trend. The Insurance Index declined to 1,145.85 points, while the Consumer Goods Index dropped to 4,056.39 points. The Industrial Goods Index fell to 10,379.12 points, while the Growth Index closed at 27,380.30 points.
The Sovereign Bond Index, however, remained unchanged at 668.35 points.
Overall market sentiment was negative, with the number of stocks that recorded losses significantly higher than those that gained.
Despite the bearish performance, trading activity remained strong. A total of 4.24 billion shares changed hands through 41,389 transactions during the session, showing that investors remained active despite the market decline.
International Energy Insurance emerged as the biggest gainer, rising by 10 per cent to N4.84. John Holt followed with a 9.89 per cent increase to N10.00, while Trans-Nationwide Express gained 9.75 per cent to close at N2.59.
SUNU Assurances Nigeria also performed strongly, gaining 8.48 per cent to N3.58. NEM Insurance advanced by 6.25 per cent to N34.00.
On the losing side, Unilever Nigeria recorded the biggest decline, falling by 9.97 per cent to N118.30. Chellarams dropped 9.66 per cent to N10.75, while Chapel Hill Denham NIDF declined by 9.55 per cent to N147.70.
DAAR Communications also lost 9.25 per cent to close at N1.57, while Cornerstone Insurance fell 9.09 per cent to N5.00.
Among major banking stocks, performance was mixed. United Bank for Africa gained 1.21 per cent to N46.00, while Ecobank Transnational Incorporated rose 3.64 per cent to N74.00.
Zenith Bank, however, declined by 2.24 per cent to N122.00, while Access Holdings fell 3.28 per cent to N26.50.
Exchange-traded products also recorded activity during the session, with 746 trades involving 307,433 units. The SIAML Pension ETF 40 recorded the strongest gain, rising 8.20 per cent to N2,600.
Meanwhile, trading on the Non-Interest Finance Board recorded 14 transactions involving 73,094 units, with activity mainly focused on Federal Government Sukuk instruments.
The latest decline highlights continued caution among investors as selling pressure weighs on the Nigerian equities market.
