By Omoniyi David
The Nigerian stock market continued its losing streak on Thursday, wiping off N357 billion in value as the All-Share Index fell by 564.79 points or 0.39% to close at 145,300.01. Market capitalisation dropped to N91.93 trillion.
Losses in Nigerian Exchange Group, Dangote Sugar, Custodian Investment, Cadbury Nigeria, and Wema Bank weighed on the market.
Afrinvest Limited said it expects “an extended negative close on the bourse, as the market awaits fresh catalysts.”
Market breadth remained weak, with 22 gainers against 50 losers. Juli led the gainers with a 10% rise to N9.90, followed by Austin Laz (+9.91% to N2.33), NCR Nigeria (+9.43% to N8.70), Thomas Wyatt (+8.19% to N3.70), and Chams Holding (+8.06% to N2.95).
On the flip side, C&I Leasing, Lasaco Assurance, Sovereign Trust Insurance, UPDC, and Wema Bank all fell 10% each to N7.20, N4.50, N3.24, N7.20, and N20.70 respectively.
International Energy Insurance and Cornerstone Insurance shed 9.98% each to N3.70 and N7.67, while Ellah Lakes declined 9.97% to N15.90.
Trading volume jumped 83.01% to 2.456 billion units valued at N2.456 billion across 43,515 deals.
Universal Insurance led activity with 390.40 million shares worth N577.44 million, followed by AIICO Insurance (236.57m shares, N1.109bn), Linkage Assurance (214.27m shares, N589.19m), Mutual Benefits Assurance (157.53m shares, N638.66m), and Regency Alliance Insurance (109.85m shares, N191.02m).
