Get Guardian on GoogleThe Nigerian stock market closed on a downturn yesterday as investors lost N3.28 trillion in market value following renewed selloff in major bluechips.
The market capitalisation of listed equities declined by 1.98 per cent, shedding N3.28 trillion to close at N162.13 trillion, down from N165.42 trillion recorded at the previous trading session.
Similarly, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) fell by 5,052.22 basis points to close at 249,710.59, compared with 254,762.81 recorded on Wednesday.
The decline reflected widespread profit-taking and sell-offs across several sectors, with market breadth closing negatively as 36 stocks recorded price depreciation against 20 gainers.
The downturn was largely driven by losses in some highly capitalised stocks, particularly Dangote Cement and Presco, which ranked among the worst-performing equities during the session.
Dangote Cement led the losers’ chart with a 10 per cent decline, falling from N1, 490 to N1, 341 per share, representing a loss of N149. Presco also shed 10 per cent, dropping from N1, 840.80 to N1, 656.80, translating to a loss of N184 per share.
Other major decliners included Wapic Insurance, which fell by 9.91 per cent to N2.00. Austin Laz was down by 8.57 per cent to close at N2.24, Lasaco Assurance declined by 8.57 per cent to close at N1.60. Mansard Insurance lost 8.09 per cent to close at N10.80 kobo.
United Africa Company of Nigeria (UACN) depreciated by 7.85 per cent to close at N166.80 kobo.
On the other hand, CWG Plc emerged as the best-performing stock, appreciating by 9.94 per cent from N15.60 kobo to N17.15 kobo. Abbey Mortgage Bank followed with a 9.84 per cent gain to close at N6.70 kobo while Honeywell Flour mills appreciated by 9.82 per cent to close at N26.85 kobo.
E-Tranzact International advanced by 9.71 per cent to N18.65, while Caverton Offshore Support Group gained 8.96 per cent to close at N3.65.
Other notable gainers included Transnational Corporation of Nigeria, which rose by 8.18 per cent to N219.60; Mecure Benefits, up 8.09 per cent to N2.94; and Africa Prudential, which appreciated by seven per cent to N10.70 kobo.
The sectoral performance also reflected the bearish sentiment, with several indices recording losses. The NGX Industrial Index suffered the steepest decline, falling by 7.14 per cent to 11,707.38 points.
Yesterday’s activities also ensured that the NGX Insurance Index dropped by 2.51 per cent to 993.55 points. Similarly, the NGX 30 Index fell by 2.08 per cent to 9,208.30 points.
