Stock market extends losing streak as investors lose N1.01trn

The Nigerian stock market extended its bearish run on Thursday as investors lost N1.005 trillion following widespread selloffs across major sectors.

Market capitalisation declined by to N158.339 trillion from N159.344 trillion recorded on Wednesday.

Similarly, the All-Share Index fell by 0.66 per cent, or 1,617.91 points, to close at 245,362.26, down from 246,980.17.

The market’s year-to-date return erased to 57.67 per cent, while market breadth closed negative with 44 losers against 18 gainers.

Tripple Gee led the losers’ chart by 10 per cent, settling N2.88, Lasaco Assurance followed by 9.92 per cent, finishing at N2.18 while Cileasing shed by 9.84 per cent, closing at N5.50 per share.

Also, Mutual Benefits dropped by 9.80 per cent, ending the session at N3.22 and Trans-Nationwide Express dipped by 9.03 per cent, closing at N2.82 per share.

On the other hand, Legend Internet led the gainers’ chart by 8.64 per cent, finishing at N4.40, Daar Communications trailed by 7.32 per cent, ending the session at N1.76 and Sterling Financial Holdings grew by 6.67 per cent, settling at N8 per share.

Similarly, Sovereign Trust Insurance soared by 5.73 per cent, closing at N2.03 while Royal Exchange gained by 4.69 per cent, settling at N1.34 per share.

Market activity improved significantly as investors traded 2.10 billion shares worth N230.83 billion in 48,231 deals, representing an increase of 177.01 per cent in volume.

First Holdco dominated trading with 1.57 billion shares valued at N196.20 billion, accounting for 74.77 per cent of the total volume traded and 85 per cent of the total value.

NAN