Nigeria: Equities market sheds $380mln amid sustained profit-taking

The Nigerian equities market extended its losing streak to a third consecutive session on Thursday, as sustained profit-taking and broad-based sell pressure dragged key performance indicators lower.

At the close of trading, the benchmark All-Share Index (ASI) of the Nigerian Exchange Limited (NGax) declined by 0.41 per cent to settle at 193,567.81 points.

Consequently, the Month-to-Date return moderated to 17.1 per cent, while the Year-to-Date return eased to 24.39 per cent from 24.91 per cent recorded in the previous session.

ALSO READ: Equities investors earn N1.7trn on renewed buying interest in blue-chip stocks

Market capitalisation mirrored the downturn, shedding 0.41 per cent or approximately N515 billion to close at N124.24 trillion.

The negative outing was largely driven by notable price declines in Lafarge Africa Plc, which fell 8.21 per cent; Transnational Corporation Plc, down 7.27 per cent, and Zenith Bank Plc, which dipped 2.20 per cent.

These losses outweighed gains recorded in FBN Holdings Plc, up 4.85 per cent, Unilever Nigeria Plc, which advanced 5.44 per cent, and Champion Breweries Plc, which surged 9.38 per cent.

Market breadth closed firmly in negative territory underscoring a prevailing sell-side bias. A total of 38 to 40 stocks declined, outpacing 28 to 31 gainers, while the remainder closed flat.

FTN Cocoa Processors Plc emerged as the session’s top gainer with a 10.00 per cent appreciation, alongside RT Briscoe Plc, which also gained 10.00 per cent. On the flip side, Jaiz Bank Plc recorded the steepest loss of 9.98 per cent, followed closely by Ikeja Hotel Plc.

Sectoral performance was predominantly negative. The Industrial Goods index led decliners with a 1.19 per cent drop, weighed down by losses in cement heavyweights.

The Banking index fell 0.63 per cent, while the Insurance index shed 0.32 per cent. The Consumer Goods index edged lower by 0.03 per cent, and the Commodity index closed flat.

In contrast, the Oil & Gas index posted a modest gain of 0.12 per cent, providing limited support to the broader market.

Trading activity weakened markedly across key metrics, reflecting a more cautious investor stance. Total share volume declined by 36.0 per cent to 868.54 million units, while transaction value dropped between 30 and 32 per cent to approximately N31.48 billion.

Deal count also eased marginally to about 69,310 transactions. Jaiz Bank Plc led the volume chart with 78.94 million shares exchanged, whereas Zenith Bank Plc topped the value chart with trades worth over N4.0 billion.

Overall, the market’s continued pullback signals lingering profit-taking pressure, as investors reassess positions amid shifting sentiment and sector-specific headwinds.