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Stock market drops below N12 trillion mark, investors lose N456 billion on Thursday

Stock market drops below N12 trillion mark, investors lose N456 billion on Thursday

The sell-offs witnessed in the Nigerian bourse persisted on Thursday, as the All-Share index fell by 3.72% to close at 22,695.88. Investors lost about 456.96 billion, as market capitalization fell by the same margin to N11.827 trillion as against Wednesday’s N12.284 trillion.

Trading activity level mirrored the Nigerian bourse ASI index as total volume and value of shares traded reduced by 23.90% and 44.43% respectively, as 1.058 billion units of shares valued at N9.80 billion exchanged hands in 5,501 deals.

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Banking stocks led by Zenith Bank, UBA and Guaranty Trust Bank (GTB) were the most active to boost market volume.

Market breadth index was negative as Flour Mills and Nigerian Breweries (-10.00%) led 44 losers as against 3 gainers topped by Caverton (+10.00%).


Sectorial performance was broadly negative yesterday as all the indices closed in the red.

The decline in Tier-one banking stocks such as Zenith Bank (-9.96%), UBA (-9.68%), and Access Bank (-9.30%) placed the banking index as the worst performing index.


The NSE Insurance and Consumer Goods trailed to depreciate by (-5.22%) and (-2.74%) respectively on losses sustained in WAPIC (-10.00%), Mansard (–9.58%), Flour Mills (-10.00%) and Nigerian Breweries (-10.00%).

Consequently, losses in WAPCO (-9.70%) and Oando (-10.00%) prompted a -0.93% and -0.82% decline in the industrial and Oil & Gas indexes.

Top gainers include Caverton gaining 10% closing at N2. 31, SKYAVN  gaining 9.83% to closing at N2.57, and StanbicIBTC Bank facing 3.35% to close at N29.30.


Too losers include Nigerian Breweries losing 10% to close at N29. 70; Flour Mills lost 10% to close at N19. 80; MTN Nigeria lost 9.95% to close at N93.20, and Okomu Oil lost 9.93% to close at N55.30.