The Nigerian stock market extended its decline for a fourth straight trading session on Thursday, with investors losing N581 billion as sustained profit-taking in major equities weighed on market performance.
Data from the Nigerian Exchange showed that market capitalisation fell by 0.37 per cent to close at N155.359 trillion, down from N155.940 trillion recorded in the previous trading session.
The benchmark All-Share Index also declined by 905.30 points, representing a 0.37 per cent drop, to settle at 242,227.31 points.
The bearish performance was largely driven by losses recorded in several large and mid-cap stocks, including Aradel Holdings, UACN, Stanbic IBTC Holdings, Eterna and Transcorp.
Market sentiment remained weak as decliners outnumbered gainers. A total of 30 stocks closed lower, compared with 24 equities that recorded gains during the session.
Among the worst-performing stocks, McNichols led the losers’ table after shedding 10 per cent to close at N7.74 per share. Associated Bus Company followed with a 9.88 per cent decline to N6.20, while Eterna dropped 9.85 per cent to finish at N29.75 per share.
Aradel Holdings also came under significant selling pressure, losing 9.51 per cent to close at N1,749.90 per share. NPF Microfinance Bank declined by 8.45 per cent to settle at N5.20 per share.
On the positive side, International Energy Insurance emerged as the session’s top gainer, advancing by 10 per cent to close at N6.60 per share.
Omatek Ventures gained 9.73 per cent to settle at N2.03 per share, while Ellah Lakes and Abbey Mortgage Bank each appreciated by 9.68 per cent to close at N8.50 per share. Cutix also posted a 9.66 per cent increase to finish at N3.18 per share.
Trading activity weakened significantly during the session, with both volume and value of transactions declining.
Total volume traded fell by 43.4 per cent to 522.28 million shares, while the value of trades stood at N24.11 billion across 53,613 deals.
Access Holdings emerged as the most actively traded stock by volume, with investors exchanging 109.72 million shares worth N2.62 billion.
FCMB Group followed with 34.60 million shares valued at N384.16 million, while Nigerian Exchange Group recorded transactions of 28.05 million shares worth N3.89 billion.
Zenith Bank accounted for 26.94 million shares valued at N3.32 billion, while Sterling Financial Holdings Company rounded out the top five most traded stocks with 22.49 million shares worth N176.10 million.
The latest decline highlights continued profit-taking activities across key sectors of the market, extending the bearish trend that has persisted throughout the week.