The Nigerian stock market closed lower on Thursday, snapping a 23-session rally as investors booked profits, leading to a combined loss of N457 billion.
Data from the Nigerian Exchange Limited (NGX) showed that market capitalisation declined by N457 billion, or 0.43 per cent, to N106.323 trillion, down from N106.780 trillion recorded in the previous session.
Similarly, the NGX All-Share Index fell by 714.66 points, or 0.43 per cent, to close at 166,057.29, compared with 166,771.95 on Wednesday.
Market breadth was negative, with 41 stocks closing in the red against 36 gainers. Stocks that weighed heavily on the market included McNichols, Caverton Offshore Support Group, Ikeja Hotel, FTN Cocoa Processors and Neimeth International Pharmaceuticals.
On the gainers’ table, Nestlé Nigeria led the pack, followed by NCR Nigeria, Jaiz Bank and Morison Industries.
Trading activity remained strong, as investors exchanged 1.03 billion shares valued at N31.6 billion in 51,227 deals. This represents a 36 per cent increase in volume and a six per cent rise in value compared with the previous session, although the number of transactions declined by eight per cent.
Zenith Bank emerged as the most traded stock by value, with transactions worth N5.03 billion, accounting for 15.92 per cent of total market value. Access Corporation and Zenith Bank also led trading by volume, contributing 7.58 per cent and 7.00 per cent, respectively.
The decline followed a strong performance on Wednesday, when the market extended its bullish run and added N598 billion to investors’ portfolios.
