On Thursday, the stock market reversed some of its previous gains, resulting in a loss of N267 billion from investors’ portfolios.
Significant selloffs in stocks such as MTN Nigeria, Oando Plc, United Bank for Africa (UBA), Fidelity Bank, and FCMB Group—along with declines in Cadbury and United Capital—pushed the market into negative territory.
The market capitalisation ended at N56.615 trillion, down by N267 billion or 0.47% from an opening of N56.882 trillion. The All-Share Index fell by 0.47%, losing 464 points to settle at 98,523.56 points, compared to 98,987.42 points on Wednesday.
As a result, the Year-To-Date return decreased by 31.76%.
Despite this, the market breadth finished on a positive note, with 29 gainers and 26 losers. FTN Cocoa topped the gainers’ list, rising 9.82% to close at N1.79 per share, while Caverton led the losers, dropping 9.83% to close at N2.97 per share.
Market activity analysis revealed a notable decline in trade turnover compared to the previous session, with transaction values down by 47.44%. In total, 344.36 million shares valued at N6.61 billion were exchanged in 9,005 deals, a decrease from 603.31 million shares worth N12.58 billion traded in 9,723 deals in the previous session.
UBA led in both volume and value, with 29.18 million shares worth N756.09 million changing hands.
