The Nigerian stock market closed on a negative note for the fourth straight session on Thursday with the market capitalisation losing N232 billion. Specifically, the market capitalisation which opened at N18.304 trillion dipped N232 billion to close at N18.072 trillion.
Also, the All-Share Index lost 464.00 points or 1.32 per cent to close at 34,557.26 compared with 35,021.26 achieved on Wednesday.
Accordingly, month-to-date loss increased to 1.3 per cent, while year-to-date gain moderated to 28.8 per cent.
The downward trend was also driven by price depreciation in medium and large capitalised stocks amongst which are; Lafarge Africa, Guinness Nigeria, Zenith Bank, Dangote Sugar Refinery and MTN Nigeria Communications (MTN). Market breadth was strongly negative with 40 laggards, in relative to six gainers.
FBN Holdings, Lafarge Africa and University Press led the losers’ chart in percentage terms losing 10 per cent each to close at N6.30, N20.25 and N1.26 per share, respectively.
Portland Paints and Products followed with 9.96 per cent to close at N2.35, while Northern Nigeria Flour Mills declined by 9.88 per cent to close at N6.20 per share.
On the other hand, Okomu Oil led the gainers’ chart in percentage terms, gaining 10 per cent to close at N88 per share.
Mutual Benefits Assurance followed with a gain 9.09 per cent to close at 24k, while FTN Cocoa Processors rose by 8.11 per cent to close at 40k per share.
Union Diagnostic and Clinical Services garnered 7.41 per cent to close at 29k, while GlaxoSmithKline Consumer appreciated by 1.52 per cent to close at N6.70 per share.
In spite of the drop in market indices, the total volume of trade rose by 95.7 per cent with a total of 553.95 million shares valued at N6.64 billion and exchanged in 6,441 deals.
This is in contrast with 283.09 million shares worth N3.42 billion transacted in 3,855 deals on Wednesday.
Transactions in the shares of Guaranty Trust Bank topped the activity chart with 87.02 million shares valued at N2.83 billion.
Zenith Bank trailed with 65.04 million shares worth N1.46 billion, while Transcorp traded 52.48 million shares valued at N46.08 million.
Regency Alliance Insurance traded 46.61 million shares valued at N9.77 million, while FBNH transacted 43.15 million shares worth N280.18 million.