Nigeria’s stock market recorded its third straight day of losses as investors continued to sell shares to lock in profits, leading to a sharp decline in market value.
At the close of trading, the Nigerian Exchange witnessed a significant drop in both its key performance indicators. Market capitalisation fell by N2.279 trillion, ending the session at N155.94 trillion. The downturn reflected growing profit-taking activities among investors who had previously benefited from the market’s strong rally earlier in the year.
The benchmark All-Share Index (ASI) also declined by 3,736.05 points, representing a loss of 1.51 per cent. The index closed at 243,132.61 points, reducing the market’s year-to-date return to 56.24 per cent.
Market analysts attributed the decline mainly to selling pressure on several heavyweight and medium-sized stocks. Companies that recorded notable price drops included MTN Nigeria Communications, Lafarge Africa, Nigerian Exchange Group, First Holdco, Nigerian Breweries, and Zichis Agro Allied Industry. The weakness in these stocks weighed heavily on the broader market and contributed to the overall negative performance.
Investment experts believe the bearish trend could continue in the near term. According to market analysts at Cowry Assets Management Limited, ongoing profit-taking by investors is likely to keep market sentiment subdued, leading to further downward pressure on stock prices.
The trading session reflected a largely negative market mood, with declining stocks significantly outnumbering gainers. A total of 43 companies recorded losses, while only 15 stocks ended the day in positive territory.
Despite the broad market decline, a few stocks delivered impressive gains. Abbey Mortgage Bank emerged as the best-performing stock, rising by 9.93 per cent to close at N7.75 per share. International Energy Insurance followed closely with a 9.89 per cent increase to settle at N6.00 per share. Tripple Gee & Company gained 9.80 per cent to close at N4.37 per share.
Other gainers included Universal Insurance, which appreciated by 8.91 per cent to close at N1.10, and Royal Exchange, which advanced by 7.14 per cent to finish at N1.50 per share.
On the losing side, Lafarge Africa recorded the biggest decline, dropping by 9.97 per cent to close at N307.90 per share. Zichis Agro Allied Industry followed with a 9.82 per cent loss, ending the day at N29.20 per share.
Learn Africa and John Holt also suffered significant declines, each losing 9.80 per cent to close at N11.50 and N13.80 respectively. Consolidated Hallmark Insurance fell by 8.84 per cent to settle at N6.19 per share.
Interestingly, trading activity remained strong despite the market downturn. Total volume traded surged by 57.1 per cent to 922.97 million shares valued at N42.27 billion across 69,332 transactions.
Sterling Financial Holdings led trading activity with 264.59 million shares worth N2.12 billion. Access Holdings followed with 76.69 million shares valued at N1.83 billion, while Linkage Assurance traded 55.13 million shares worth N99.16 million.
VFD Group and Ellah Lakes also featured among the most actively traded stocks, highlighting sustained investor participation despite the prevailing market weakness.
