The Nigerian Exchange experienced a notable reversal on Thursday, shedding N267 billion as major stocks, including MTN Nigeria, Okomu Oil, and GTCO, faced significant declines. The All-Share Index (ASI) fell by 0.47 percent, closing at 98,523.56 points, with market capitalization dropping to N56.6 trillion.
In a stark contrast to the previous three days of bullish trading, investors engaged in 344,355,846 shares valued at N6.6 billion across 9,005 deals. This marks a substantial downturn in market activity, with a 43 percent drop in trade volume, a 47 percent decline in turnover, and a 7 percent decrease in the number of deals compared to the prior session.
Of the 120 listed equities that participated in the day’s trading, 28 saw gains while 27 faced losses. Leading the gainers was FTN Cocoa Processors, which surged by 9.82 percent to close at N1.79 per share. Ellah Lakes followed closely, up by 9.80 percent to end at N4.48, while Deap Capital Management & Trust rose 9.78 percent to N1.01. Regency Alliance Insurance also posted an increase of 8.62 percent, finishing at N0.63.
On the losing side, Caverton Offshore Support Group led with a sharp decline of 9.73 percent, closing at N2.97. Cadbury Nigeria experienced a 9.39 percent drop, finishing at N17.85, and Associated Bus Company fell by 8.73 percent to N1.15. McNichols rounded out the top losers with a 7.89 percent decline, closing at N1.75.
In terms of trading volume, United Bank for Africa emerged as the leader with 29.2 million shares traded, followed by Access Holdings at 27 million shares, Honeywell Flour Mill with 25.5 million shares, and Sterling Bank at 25.3 million shares.
This downturn follows Wednesday’s market gains, where the exchange added N241 billion, buoyed by the performances of Seplat Petroleum Development Co., Flour Mills, and Ellah Lakes. The ASI had risen by 418.83 points, or 0.42 percent, to close at 98,987.42 points, marking a year-to-date gain of 32.38 percent.
As investors assess the latest market movements, attention will be focused on how key players will respond in the upcoming trading sessions.
