Thirty-nine firms listed in the Nigerian Exchange Limited pushed the stock market to its fourth consecutive negative performance on Thursday as investors lost N348 billion.
This is due to significant selloffs in Legend Internet, Champion Breweries, Tantalizer, Sovereign Trust Insurance, Linkage Assurance, and 34 other declining stocks dragging the market performance down.
At the end of Thursday’s trading, the market capitalisation, which opened at N95.664 trillion, closed at N95.316 trillion, representing a 0.36 per cent loss.
Accordingly, the All-Share Index also declined by 0.36 per cent, or 547.32 points, to close at 150,573.87, compared with 150,026.55 posted on Wednesday.
Consequently, the year-to-date return declined by 45.76 per cent. The market breadth closed negative, with 39 losers and 15 gainers recorded.
Legend Internet led the losers’ chart by 9.93 per cent on Thursday.
On the flip side, UPDC leads the gainers chart by 9.83 per cent to close at N6.55, followed by FCMB.
NGX data showed that the market activity indicated an overall decline in volume, value, and number of deals, as 619.63 million shares worth N16.5 billion were traded across 24,865 transactions when compared with 1.11 billion shares valued at N29.8 billion exchanged in 27,303 deals on Wednesday.
FCMB Group led in traded volume with 149.9 million shares worth N1.6 billion.
DAILY POST reports that investors in NGX have continued to record losses since this week began.
