Aradel, Oando lead selloff as Nigerian stock market extends losing streak

By

The Nigerian equities market extended its losing streak on Thursday as profit-taking continued across major stocks. The decline was driven by sell-offs in Aradel Holdings, Oando, Transcorp, and banking stocks.

Analysts attributed the continued profit-taking to the strong rally recorded earlier in the year. The Nigerian Exchange All-Share Index fell by 0.64% on Thursday, dropping 1,493.71 points to close at 233,580.83 points from 235,074.54 points in the previous session.

The decline reduced total market capitalisation by N958.5 billion, bringing investor wealth down to N149.89 trillion. The latest drop extended the market's correction phase as cautious investor sentiment and portfolio rebalancing weighed on trading activities.

The market's year-to-date return slipped below the 51% mark, settling at 50.10% following Thursday's decline.

Trading sentiment remained negative as losses in oil and gas, commodity, insurance, and banking stocks dragged the market lower. Market breadth weakened, with 34 stocks closing lower against 14 gainers, reflecting widespread selling pressure across sectors.

Red Star Express led the gainers' chart, rising 9.60% to close at N24.55. Legend Internet gained 9.09% to N6.00. Neimeth International Pharmaceuticals advanced 7.10% to N8.30. Abbey Mortgage Bank increased by 5.45% to N8.70. Ellah Lakes climbed 4.65% to N9.00.

On the downside, Deap Capital Management and Trust declined 10.00% to N4.05. Aradel Holdings dropped 10.00% to N1,575.00. Trans-Nationwide Express fell 9.90% to N3.64. Regency Alliance Insurance declined 9.57% to N0.85. C and I Leasing shed 9.48% to N5.25.

Market activity slowed during Thursday's session. Total volume traded fell 19.35% to 393.65 million shares valued at N19.21 billion across 45,813 deals.

Access Holdings emerged as the most traded stock by volume, exchanging 39.05 million shares valued at N896.21 million. Chams Holding Company followed with 24.50 million shares worth N96.49 million. Fidelity Bank recorded 24.07 million shares valued at N436.93 million. Sterling Financial Holdings traded 23.75 million shares worth N182.20 million. Zenith Bank exchanged 18.94 million shares valued at N2.13 billion.

Forex News

Bitcoin, gold rebound as Treasury move and Washington boost spark 'debasement trade'
ABOKI FOREX
Naira closes week stronger at N1,346.49 per dollar, CBN reforms steady
ABOKI FOREX
Naira gains N11.12 week-on-week at official market, stays flat at N1,405 on black market
ABOKI FOREX
Bitcoin Rally Gains Steam as Fiscal Fears Fuel Debasement Trade
ABOKI FOREX
FAAC Allocation Hits N3.007tn in July, States Gain Most From Subsidy Removal
ABOKI FOREX
Stock market turnover drops 10.4% to N157.76bn as NGX records weekly decline
ABOKI FOREX
Bessent backs yen intervention as ING sees currency 20% undervalued
ABOKI FOREX
Kashkari Says US Treasury Market Working Fine, Fed Can Focus on Inflation
ABOKI FOREX
BCA Research tells investors to dump the dollar for these currencies
ABOKI FOREX
Binance cuts off 17 crypto platforms, including three Nigerian operators
ABOKI FOREX