Nigeria’s equities market extended its losing streak on Thursday as aggressive profit-taking and broad-based sell-offs erased N1.33 trillion from investors’ wealth in a single trading session.
The total market capitalisation of listed equities fell by 0.82 per cent to N161.05 trillion, from N162.39 trillion recorded at the close of trading on Wednesday.
The decline continued the bearish trend that has characterised the market since the start of the week.
The benchmark NGX All-Share Index (ASI) also dropped by 2,054.25 points, or 0.82 per cent, to close at 248,042.50 points.
Trading activity remained relatively strong, with 492.14 million shares exchanged in 38,644 deals across the market.
The sharp decline was largely driven by aggressive sell-offs in key heavyweight stocks, particularly in the oil and gas sector.
Aradel Holdings Plc and Eterna Plc both declined by the maximum daily limit of 10 per cent. Aradel fell from N1,530 to N1,377 per share, while Eterna dropped from N46 to N41.40.
The sell-off pushed the NGX Oil/Gas Index down 3.87 per cent, making it the worst-performing sectoral index for the session.
Other major stocks also came under pressure.
MTN Nigeria Communications Plc declined by 3.54 per cent, while Fidelity Bank Plc fell 4.96 per cent. United Bank for Africa Plc also shed 1.12 per cent.
The broad-based decline meant that market activity was heavily skewed towards losers despite the relatively high trading volume.
The NGX All-Share Index closed at 248,042.50 points, compared with 250,096.75 points previously.
Market capitalisation fell from N162.39 trillion to N161.05 trillion, representing a loss of N1.33 trillion.
Trading volume increased by 10.12 per cent to 492.14 million shares from 446.91 million shares, while the number of deals declined marginally by 0.42 per cent to 38,644.
Despite the broad market sell-off, some stocks recorded strong gains.
eTranzact International Plc led the gainers’ chart, rising 10 per cent to N12.10 from N11.
Livestock Feeds Plc gained 9.09 per cent to N12, while Guinea Insurance Plc advanced 8.97 per cent to N0.85.
Learn Africa Plc rose 8.93 per cent to N9.15, while Multi-Trex Integrated Foods Plc gained 7.69 per cent to N0.42.
Eterna Plc and Aradel Holdings Plc led the losers’ chart after both declined by 10 per cent.
Cutix Plc fell 9.02 per cent to N2.22, while Critical Minerals Financing Corp Plc declined 8.98 per cent to N3.65.
NPF Microfinance Bank Plc also dropped 8.70 per cent to N4.20.
The negative sentiment cut across most sectors of the market.
The NGX Oil/Gas Index recorded the biggest decline, falling 3.87 per cent from 6,237.88 points to 5,996.24 points.
The NGX Lotus Islamic Index declined 2.06 per cent to 22,918.08 points, while the NGX Pension Index fell 1.30 per cent to 13,017.42 points.
The NGX 30 Index shed 0.86 per cent to close at 9,124.73 points. The NGX Premium Index fell 0.85 per cent to 31,242.54 points, while the NGX Main Board Index declined 0.81 per cent to 10,763.46 points.
The NGX Commodity Index also fell 2.86 per cent to 1,892.68 points, while the Insurance Index declined 0.44 per cent to 1,088.85 points.
The Banking Index recorded a milder decline of 0.18 per cent to close at 2,639.74 points.
The NGX Industrial Index was virtually flat, easing marginally from 10,440.80 to 10,440.33 points.
The Consumer Goods Index was the only sectoral index to finish in positive territory, gaining 0.08 per cent to close at 4,026.79 points.
With the market closing at its lowest level of the week, Thursday’s session underscored the strength of the current profit-taking wave and the pressure facing major equities on the NGX.
