The Nigerian stock market reversed its gains from the previous session, recording N457 billion loss for investors on Thursday.
The downward performance was after 23 consecutive bullish sessions.
It was driven by profit-taking in stocks like: Mc Nicholas, Caverton Offshore Support Group, Ikeja Hotel, FTN Cocoa, Neimeth International Pharmaceutical and 36 other declining stocks
Specifically, the Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N106.780 trillion, shed N457 billion or 0.43 per cent to close at N106.323 trillion.
The All-Share Index also lost 0.43 per cent or 714.66 points, to close at 166,057.29 against 166,771.95 recorded on Wednesday.
Similarly, the market breadth closed negative with 41 losers against 36 gainers.
Mc Nicholas led the losers’ chart by 9.99 per cent, settling at N6.58, Caverton Offshore Support Group followed by 9.47 per cent, closing at N7.65 and Ikeja Hotel lost by 9.43 per cent, ending the session at N35.05 per share
Also, FTN Cocoa Processors dropped by 9.38 per cent, finishing at N7.05 while Neimeth International Pharmaceutical shed by 8.91 per cent, closing at N9.20 per share.
On the gainers’ chart, Nestlé Nigeria led by 10 per cent, settling at N2,153.80, NCR Nigeria trailed by 9.97 per cent, finishing at N116.90 and Jaiz Bank soared by 9.92 per cent, closing at N8.20 per share.
Morison Industries increased by 9.90 per cent, ending the session at N5.66 and Mecure Industries grew by 9.84 per cent, closing at N97.70 per share.
A total of 1.03 billion shares worth N31.6 billion were exchanged across 51,227 deals, in contrast with the previous session’s 761.9 million shares valued at N29.9 billion that was traded in 55,751 transactions.
This revealed a 36 per cent increase in volume, six per cent growth in value and eight per cent decline in deals.
Zenith Bank recorded the highest value at N5.03 billion accounting for 15.92 per cent of total value traded for the day.
Access Corporation and Zenith Bank accounted for 7.58 per cent and 7.00 per cent of total volume, respectively.
Reacting to the negative performance, Mr David Adonri, Vice President of Highcap Securities said the market had been fatigued after long sessions of relentless rally and as such, the market had to rest.
Adonri said this was a normal development as investors begin to reposition their portfolios, considering the arrival of the earning season when corporate earning disclosure would be revealed to the investing public.
He said the market would begin to gather momentum very soon.
