The Nigerian stock market witnessed a decline on Thursday, with the market capitalization dropping by N438 billion.
The market’s negative performance was driven by selloffs in several equities, including International Energy Insurance, Omatek Ventures, Ellah Lakes, Royal Exchange, and Sunu Assurances.
The market capitalisation opened at N89.372 trillion and closed at N88.934 trillion, shedding N438 billion.
The All-Share Index dropped by 0.49 per cent or 691.52 points, settling at 140,557.24 compared to 141,248.76 recorded on Wednesday.
Market breadth closed negative with 39 losers against 19 gainers.
International Energy Insurance topped the losers’ chart, shedding 9.62 per cent to N3.29, while Omatek Ventures fell by 8.97 per cent, closing at N1.32 per share.
Ellah Lakes lost 8.49 per cent to N13.68, while Royal Exchange dipped by 6.98 per cent, ending at N2 per share.
Sunu Assurances also declined by 6.42 per cent, closing at N5.54 per share.
Conversely, SCOA Nigeria led the gainers’ chart with a 10 per cent rise, ending at N6.05, while RT Briscoe gained 9.80 per cent to N3.36.
NEM Insurance appreciated by 7.96 per cent, closing at N31.20, while NGX Group grew by 7.94 per cent to N57.80 per share.
McNichols gained 7.04 per cent, closing at N3.80 per share.
Analysis of trading activities showed an increase in market volume and value, though deals declined. A total of 885.02 million shares worth N28.3 billion were exchanged in 26,163 transactions.
This contrasted with 682.9 million shares valued at N22.2 billion, traded in 28,695 transactions the previous session.
Champion Breweries led in volume with 201.1 million shares worth N3.47 billion.
Access Corporation followed with 102.18 million shares valued at N2.76 billion, while Guaranty Trust Holding traded 96.4 million shares worth N8.88 billion.
Sterling Nigeria transacted 90.8 million shares worth N726.6 million, while FirstHoldCo sold 46.3 million shares valued at N1.5 billion.
