Nigeria’s equities market suffered another sharp setback on Thursday, wiping N1.005 trillion from investors’ holdings after a N648 billion decline in the previous session. Total market capitalisation fell to N158.339 trillion from Wednesday’s N159.344 trillion, while the All-Share Index dropped 1,617.91 points, or 0.66 per cent, to 245,362.26 from 246,980.17.
The retreat brought the market’s year-to-date gain down to 57.67 per cent. Sentiment was broadly negative, with 44 listed companies ending lower and only 18 recording advances.
Tripple Gee posted the steepest decline, losing 10 per cent to close at N2.88 per share. Lasaco Assurance fell 9.92 per cent to N2.18, while C&I Leasing declined 9.84 per cent to N5.50. Mutual Benefits Assurance dropped 9.80 per cent to N3.22, and Trans-Nationwide Express slipped 9.03 per cent to N2.82.
Legend Internet was the strongest performer, rising 8.64 per cent to N4.40 per share. Daar Communications added 7.32 per cent to reach N1.76, while Sterling Financial Holdings climbed 6.67 per cent to N8.00. Sovereign Trust Insurance advanced 5.73 per cent to N2.03, and Royal Exchange gained 4.69 per cent to N1.34.
Despite the market’s decline, activity increased considerably. Investors traded 2.10 billion shares valued at N230.83 billion through 48,231 transactions, sending volume 177.01 per cent above the previous level.
First Holdco dominated the session, with 1.57 billion shares changing hands for N196.20 billion. That represented 74.77 per cent of all shares traded and 85 per cent of the day’s total market value.
The latest loss followed Wednesday’s N648 billion reduction in investor wealth on the Nigerian Exchange.
