The Nigerian stock market on Thursday snapped a 23-session bullish streak, as investors recorded a loss of N457 billion following widespread profit-taking.
Market capitalisation of the Nigerian Exchange Ltd. declined by 0.43 per cent to N106.323 trillion, down from N106.780 trillion, while the All-Share Index fell by 714.66 points to close at 166,057.29.
The downturn was driven by sell-offs in stocks including McNicholas, Caverton Offshore Support Group, Ikeja Hotel, FTN Cocoa Processors and Neimeth International Pharmaceutical, among others.
McNicholas led the losers, shedding 9.99 per cent to close at N6.58, followed by Caverton Offshore (–9.47%) and Ikeja Hotel (–9.43%). FTN Cocoa Processors and Neimeth International Pharmaceutical also posted steep losses.
On the gainers’ chart, Nestlé Nigeria topped the list with a 10 per cent increase to N2,153.80, while NCR Nigeria, Jaiz Bank, Morison Industries and Mecure Industries recorded strong gains.
Market breadth closed negative with 41 losers against 36 gainers. A total of 1.03 billion shares valued at N31.6 billion were traded in 51,227 deals, reflecting higher volume but fewer transactions compared with the previous session.
Zenith Bank emerged as the most traded stock by value at N5.03 billion, while Access Corporation and Zenith Bank dominated trading volume.
Commenting on the market performance, Vice President of Highcap Securities, Mr David Adonri, said the pullback was expected after an extended rally, noting that investors were repositioning ahead of the earnings season. He expressed optimism that the market would regain momentum soon.
