NGX Extends Bearish Run As Investors Lose N515bn In One Day

The Nigerian equities market sustained its bearish momentum on Thursday, with investors losing N515 billion as selloffs in medium and large-cap stocks dragged the market lower.

Market capitalisation declined to N124.239 trillion, weighed down by losses in stocks such as Lafarge Africa, Cadbury Nigeria, Nigerian Aviation Handling Company (NAHCO), Ikeja Hotel and Nigerian Enamelware.

Similarly, the All-Share Index (ASI) shed 802.39 points, or 0.41 per cent, to close at 193,567.81 points, reflecting sustained profit-taking across key sectors.

Commenting on the market outlook, Imperial Asset Managers Limited projected cautious trading in the next session.

“We expect a cautious trading pattern to continue in the next session on Friday. The large number of unchanged equities suggests that many market participants are adopting a wait-and-see approach at current elevated index levels, while profit-taking in heavy-weight Banking, Consumer Goods and Insurance tickers continues to dictate the broader market’s direction.

We advise investors to tread carefully, selectively locking in profits while maintaining strategic positions in fundamentally sound, dividend-paying stocks,” the firm stated.

Market breadth closed negative, with 38 declining stocks outweighing 30 gainers.

On the gainers’ chart, FTN Cocoa Processors led with a 10 per cent appreciation to close at N6.05 per share.

R.T. Briscoe followed with a 9.95 per cent gain to close at N11.38, while DEAP Capital Management & Trust rose by 9.92 per cent to N6.98 per share.

Japaul Gold & Ventures advanced by 9.91 per cent to close at N3.77, while Omatek Ventures and Ellah Lakes gained 9.72 per cent each to close at N2.37 and N11.85 per share, respectively.

Conversely, Jaiz Bank topped the losers’ chart with a 9.98 per cent decline to close at N12.63 per share. John Holt and Ikeja Hotel followed with losses of 9.90 per cent each, closing at N8.65 and N37.75 per share, respectively.

Nigerian Enamelware fell by 9.88 per cent to close at N36.50, while Cadbury Nigeria shed 9.69 per cent to close at N61.95 per share.

Trading activity also weakened, as total volume declined by 36.01 per cent to 868.536 million units valued at N31.485 billion, exchanged in 69,310 deals.

Jaiz Bank led the activity chart with 78.944 million shares valued at N1.163 billion.

Japaul Gold & Ventures followed with 73.254 million shares worth N274.781 million, while Access Holdings traded 66.914 million shares valued at N1.744 billion.