The stock market experienced a downturn on Thursday, shedding N267 billion in value from investors’ portfolios, marking a reversal of some previous session gains.
A wave of selloffs in major stocks such as MTN Nigeria, Oando Plc, United Bank for Africa (UBA), Fidelity Bank, FCMB Group, along with Cadbury and United Capital, contributed to the market’s decline.
As a result, market capitalisation dropped to N56.615 trillion, reflecting a loss of N267 billion or 0.47% from its earlier value of N56.882 trillion.
Similarly, the All-Share Index (ASI) fell by 0.47%, or 464 points, closing at 98,523.56 points compared to Wednesday’s 98,987.42 points.
This downturn also impacted the Year-to-Date (YTD) return, which now stands at 31.76%.
Despite the overall decline, market breadth was positive, with 29 stocks gaining and 26 stocks declining.
FTN Cocoa led the gainers, advancing by 9.82% to close at N1.79 per share, while Caverton topped the losers, dropping by 9.83% to close at N2.97 per share.
An analysis of market activity revealed a decrease in trading turnover compared to the previous session, with transaction value falling by 47.44%. Investors traded 344.36 million shares worth N6.61 billion in 9,005 deals, down from 603.31 million shares valued at N12.58 billion in 9,723 deals recorded in the prior session.
UBA emerged as the most active stock, leading the chart with 29.18 million shares traded, valued at N756.09 million.
(Vanguard)
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