The Nigerian stock market experienced a significant downturn on Thursday, with investors collectively losing N781 billion by the end of trading.
This decline was primarily driven by falling share prices in companies such as University Press Plc, International Energy Insurance, and Thomas Wyatt Plc, among others.
The All-Share Index (ASI), a key market indicator, fell sharply to 140,332.44 points from the previous day’s 141,566.30 points.
Following five hours of active trading, the total market capitalization shrank to N88.783 trillion, down from N89.564 trillion recorded on Wednesday.
Market sentiment was predominantly bearish, with 51 stocks declining, 18 gaining, and 87 remaining flat across 25,891 transactions.
Top Gainers and Losers in Thursday’s Trading
Among the stocks that posted gains, Skye Shelter Fund Plc led with a 9.99% increase, closing at N274.15 per share, up from N249.25. Jaiz Bank Plc and Secure Electronic Technology followed closely, rising by 9.75% and 9.38% respectively, ending the day at N4.39 and N1.05 per share.
Conversely, University Press Plc, International Energy Insurance, and Thomas Wyatt Plc were the most notable decliners, each dropping by 10%. Their shares closed at N6.30, N3.24, and N3.33 respectively, down from N7.00, N3.60, and N3.70.
Trading Volume and Value Highlights
Fidelity Bank Plc dominated the volume index, trading 96 million shares across 556 deals. Veritas Kapital Assurance Plc followed with 36 million shares in 404 transactions, while Universal Insurance Plc moved 32 million shares in 424 deals.
In terms of value, Fidelity Bank Plc led with stock trades worth N1.9 billion. MTN Nigeria (MTNN) came next, with equities valued at N1.1 billion exchanged in 1,055 deals. Stanbic IBTC Plc also featured prominently, trading shares worth N1 billion in 238 deals.
Market Outlook and Investor Sentiment
The persistent bearish trend reflects growing investor caution amid economic uncertainties and sector-specific challenges. This downturn aligns with recent global market volatilities, where emerging markets have faced pressure due to inflation concerns and fluctuating commodity prices.
For instance, similar patterns have been observed in other African markets, such as the Johannesburg Stock Exchange, which recently reported a 2% decline amid tightening monetary policies worldwide.
Investors are advised to monitor corporate earnings reports and macroeconomic indicators closely, as these will likely influence market direction in the coming weeks.
By Babajide Okeowo
Source: Latest Nigeria News | Top Stories from Ripples Nigeria
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