The Nigerian Exchange Limited (NGX) closed lower on Thursday as investors continued to take profits in blue-chip and medium-cap stocks, extending the market's losing streak to four consecutive sessions.
The downturn wiped N581 billion off investors’ holdings, with market capitalisation declining from N155.940 trillion to N155.359 trillion.
Similarly, the benchmark All-Share Index (ASI) dropped by 905.30 points, or 0.37 per cent, to close at 242,227.31 points, reflecting widespread losses across key sectors of the market.
Analysts attributed the negative performance to renewed selling pressure in major stocks such as Aradel Holdings, UACN, Stanbic IBTC Holdings, Eterna and Transnational Corporation, which weighed heavily on the broader market.
Investor sentiment remained cautious as the number of declining stocks surpassed gainers. Market breadth closed in the red with 30 losers against 24 advancers.
McNichols emerged as the worst-performing stock of the day after its share price fell by the maximum allowable 10 per cent to close at N7.74. Associated Bus Company followed with a decline of 9.88 per cent to N6.20, while Eterna lost 9.85 per cent to settle at N29.75 per share.
Aradel Holdings also recorded a significant loss, dropping 9.51 per cent to close at N1,749.90, while NPF Microfinance Bank shed 8.45 per cent to finish at N5.20 per share.
In contrast, International Energy Insurance led the gainers’ chart after appreciating by 10 per cent to N6.60 per share.
Omatek Ventures rose 9.73 per cent to N2.03, while Ellah Lakes and Abbey Mortgage Bank gained 9.68 per cent each to close at N8.50. Cutix also joined the gainers’ list with a 9.66 per cent rise to N3.18 per share.
Trading activity slowed markedly during the session as investors traded fewer shares compared to the previous day.
A total of 522.28 million shares valued at N24.11 billion changed hands in 53,613 deals, representing a 43.4 per cent decline in trading volume.
Access Holdings dominated the activity chart, accounting for 109.72 million shares worth N2.62 billion.
FCMB Group followed with 34.60 million shares valued at N384.16 million, while Nigerian Exchange Group recorded transactions of 28.05 million shares worth N3.89 billion.
Zenith Bank traded 26.94 million shares valued at N3.32 billion, while Sterling Financial Holdings Company completed the list of the most active stocks with 22.49 million shares worth N176.10 million.
The latest market performance underscores continued investor caution and profit-taking activities, with the benchmark index remaining under pressure despite pockets of gains in select counters.
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