Nigerian stock market loses N2.18 trillion in two-day sell-off
By Aboki Forex —
The Nigerian stock market slumped for a second day running on Thursday, wiping out more of this week's earlier gains. Investors locked in profits across banking, consumer goods, industrial and other key sectors.
Data from the Nigerian Exchange (NGX) showed the All-Share Index dropped by 3,397.80 points to close at 237,404.92 points. Market capitalisation fell by N2.179 trillion to N152.266 trillion.
The market breadth was negative. 39 stocks recorded losses against 15 gainers, signalling a bearish session.
Sustained selling hit major sectors. Financial services remained under pressure as profit-taking affected banking stocks. Consumer goods and industrial stocks also declined as investors rebalanced their portfolios.
Africa Prudential fell 10 per cent to close at N11.70. Cadbury Nigeria dropped 10 per cent to N62.10. Tripple Gee lost 10 per cent to N3.60. John Holt declined 9.93 per cent to N12.25. McNichols fell 9.33 per cent to N6.80.
On the upside, Legend Internet led gainers, rising 9.52 per cent to N5.75. NPF Microfinance Bank gained 9.18 per cent to N5.35. Transcorp added 7.32 per cent to close at N44.00. Neimeth rose 7.03 per cent to N9.90. DAAR Communications increased 5.29 per cent to N1.79.
Trading activity picked up. Investors exchanged 691.6 million shares worth N116.9 billion in 50,025 deals. This compared with 663 million shares valued at N40 billion traded in 51,143 deals on Wednesday. Volume rose 4.31 per cent, value jumped 192.25 per cent, while the number of deals fell 2.19 per cent.
First Holdco was the most traded stock by volume, with 115.8 million shares changing hands.