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The Nigerian stock market slipped on Thursday, snapping a 23-session winning streak as investors recorded a combined loss of N457 billion.
The downturn followed profit-taking activities in several stocks, reversing the gains posted in the previous session at the Nigerian Exchange Limited (NGX).
Market capitalization declined by N457 billion, or 0.43 percent, closing at N106.323 trillion from N106.780 trillion recorded on Wednesday. In the same vein, the NGX All-Share Index fell by 714.66 points, or 0.43 percent, to settle at 166,057.29, compared with 166,771.95 in the prior session.
Market breadth closed negative, with 41 stocks declining against 36 gainers.
Stocks that dragged the market lower included Mc Nicholas, Caverton Offshore Support Group, Ikeja Hotel, FTN Cocoa Processors, and Neimeth International Pharmaceutical, among others.
On the gainers’ chart, Nestlé Nigeria topped the list, followed by NCR Nigeria, Jaiz Bank, and Morison Industries.
Trading activity remained robust as investors exchanged 1.03 billion shares valued at N31.6 billion across 51,227 deals. This compares with 761.9 million shares worth N29.9 billion traded in 55,751 transactions in the previous session.
The figures indicate a 36 percent increase in trading volume, a six percent rise in value, and an eight percent drop in the number of deals.
Zenith Bank emerged as the most traded stock by value, with transactions worth N5.03 billion, representing 15.92 percent of the total value traded. Access Corporation and Zenith Bank also led by volume, accounting for 7.58 percent and 7.00 percent, respectively.
Recall that the market had extended its bullish run on Wednesday, adding N598 billion to investors’ portfolios.
Nigerian Stock Market dips after 23-day rally as investors lose N457bn
