The Nigerian equities market returned to negative territory on Thursday as widespread sell-offs in large-cap stocks erased N1.922tn from the total market capitalisation.
The downturn was driven mainly by investors taking profits from high-value industrial and consumer goods stocks, dragging the market capitalisation down to N153.859tn at the close of trading.
The benchmark All-Share Index declined by 2,994.90 points, representing a loss of 1.23 per cent to settle at 239,734.61 points.
Major blue-chip stocks that weighed heavily on the market included Dangote Cement, BUA Cement, Nestle Nigeria, Lafarge Africa, and Skyway Aviation Handling Company.
Despite the market decline, trading sentiment remained relatively positive as 41 stocks recorded gains compared to 30 losers. This indicates that investors continued to show interest in mid- and small-cap stocks.
Chemical and Allied Products and FTN Cocoa Processors emerged as the top gainers after both stocks appreciated by the maximum daily limit of 9.99 per cent to close at N212.50 and N8.04 respectively.
They were followed by Berger Paints, Meyer, and Zichis Agro Allied Industry, which each recorded gains of 9.97 per cent.
On the losers’ chart, University Press posted the biggest decline after shedding 10 per cent to close at N4.50 per share.
Red Star Express also dropped by 9.59 per cent, while Skyway Aviation Handling Company lost 8.63 per cent of its market value.
Trading activity increased significantly during the session as the total volume of traded shares rose by 29.34 per cent to 1.830 billion units valued at N72.168bn across 81,131 deals.
NEM Insurance led the activity chart with 360.565 million shares traded worth N7.937bn.
Other actively traded stocks included Fortis Global Insurance, Access Holdings, VFD Group, and FCMB Group.
Market analysts, however, expressed optimism that the current decline may be temporary, with expectations of a possible rebound before the close of trading for the week.
