The Nigerian equities market slumped for the fourth straight session on Thursday, resulting in a staggering loss of N348 billion for investors. Key stock selloffs including Legend Internet, Champion Breweries, and Tantalizer triggered a 0.36% dip in market capitalisation, which closed at N95.316 trillion compared to an opening of N95.664 trillion.
The All-Share Index similarly dropped by 547.32 points to close at 150,573.87. Year-to-date returns also dwindled to -45.76%, with market breadth showing 39 losers against 15 gainers. Legend Internet suffered the most significant loss of 9.93% while UPDC was the top gainer with a 9.83% rise.
Market activity slowed sharply with 619.63 million shares traded valued at N16.5 billion across 24,865 transactions, down from 1.11 billion shares worth N29.8 billion the previous day. FCMB, Consolidated Hallmark Holdings, Zenith Bank, Sterling Nigeria, and Access Holdings led in volume and value of shares traded.
Market watchers are wary amid global uncertainties and domestic challenges impacting investor confidence in Nigeria’s capital market.
Leave a comment