NGX sheds N581bn as market slump enters fourth day

Nigeria's stock market continued its downward trend for the fourth consecutive trading day, experiencing a significant drop in value. The market capitalization shed N581 billion, closing Thursday's session at N155.359 trillion, down from N155.940 trillion recorded previously. This sustained bearish run reflects ongoing profit-taking activities among investors.

The Nigerian Exchange's All-Share Index also saw a decline, retreating by 905.30 absolute points, which translates to a 0.37 percent decrease. The index closed at 242,227.31 points. The downturn was primarily influenced by price depreciations in prominent large and medium-capitalized stocks, including Aradel Holdings, UACN, Stanbic IBTC Holdings, Eterna, and Transnational Corporation.

Market sentiment was predominantly bearish, as indicated by the market breadth, which closed with 30 decliners against 24 advancers. Among the biggest losers, McNichols experienced a maximum price plunge of 10 percent, closing at N7.74 per share. Associated Bus Company and Eterna also recorded significant losses.

Energy giant Aradel Holdings saw its share price drop by 9.51 percent, closing at N1,749.90. NPF Microfinance Bank also slipped by 8.45 percent. Conversely, International Energy Insurance led the gainers with a 10 percent increase, followed by Omatek Ventures and Ellah Lakes.

Trading activity also weakened, with the total volume of shares traded plummeting by 43.4 percent to 522.28 million units. The total value of transactions stood at N24.11 billion, exchanged across 53,613 deals. Access Holdings, FCMB Group, and Nigerian Exchange Group were among the most actively traded stocks in terms of volume.