By Seun Ibiyemi
The Nigerian stock market extended its losing streak on Thursday as investors lost N958 billion in market value following sustained profit-taking in several medium and large-capitalisation stocks.
The market capitalisation declined by 0.64 per cent to close at N149.888 trillion, down from N150.846 trillion recorded in the previous trading session.
Similarly, the All-Share Index (ASI) fell by 1,493.71 points, or 0.64 per cent, to settle at 233,580.83, compared with 235,074.54 posted on Wednesday.
The bearish performance was driven by renewed sell-offs in stocks such as Aradel Holdings, Deap Capital Management, Trans-Nationwide Express, Regency Alliance Insurance, C & I Leasing and 29 other equities.
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Market breadth closed negative with 34 losers against 14 gainers, while the year-to-date return moderated to 50.10 per cent.
On the losers’ chart, Aradel Holdings and Deap Capital Management recorded the highest losses, shedding 10 per cent each to close at N1,575.00 and N4.05 per share, respectively.
Trans-Nationwide Express dropped by 9.90 per cent to N3.64 per share, while Regency Alliance Insurance declined by 9.57 per cent to 85 kobo. C & I Leasing also fell by 9.48 per cent to close at N5.25 per share.
On the gainers’ table, Red Star Express emerged as the top performer with a 9.60 per cent increase to close at N24.55 per share. Legend Internet followed with a 9.09 per cent gain to N6.00, while Neimeth Pharmaceuticals advanced by 7.10 per cent to close at N8.30.
Abbey Mortgage Bank appreciated by 5.45 per cent to N8.70, while Ellah Lakes gained 4.65 per cent to close at N9.00 per share.
Trading activity also weakened during the session, with total volume traded declining by 19.35 per cent to 393.65 million shares valued at N19.21 billion, exchanged in 45,813 deals.
Access Holdings led the volume chart with 39.05 million shares, representing 9.92 per cent of total traded volume, while Lafarge Africa recorded the highest transaction value at N2.25 billion, accounting for 11.70 per cent of the market’s total turnover.
