The Nigerian stock market continued its downward trend yesterday, resulting in a decline of N36 billion in investor capital.
The All-Share Index (ASI) fell by 56.36 points, marking a decrease of 0.05% to close at 104,858.77 points. Similarly, market capitalisation decreased by N36 billion, settling at N65.754 trillion.
The downturn can be attributed to price declines in several large and medium capitalised stocks, including: Nigerian Aviation Handling Company (NAHCO), Custodian Investment, Unilever Nigeria, Livestock Feeds, and Access Holdings.
Investor sentiment, as indicated by market breadth, remained negative, with 14 stocks advancing while 28 stocks declined. CWG emerged as the top gainer, rising 9.64% to close at N9.10 per share. Veritas Kapital Assurance followed with an 8.41% increase, closing at N1.16, while Deap Capital Management and Trust gained 7.61%, ending the day at 99 kobo per share. Additionally, Wapic Insurance saw an increase of 4.26%, closing at N2.45, and Wema Bank rose by 2.37% to close at N10.80 per share.
Conversely, Livestock Feeds topped the losers' list, dropping 9.57% to close at N7.65 per share. Royal Exchange followed closely with an 8.24% decline, finishing at 78 kobo. In contrast, Custodian Investment saw a decrease of 6.98%, closing at N20.00 per share. Additionally, UPDC lost 6.23%, closing at N2.86, while Chams Holding Company experienced a decrease of 5.16% to close at N2.02 per share.
Overall, the total trading volume fell by 77.28% to 310.528 million units, valued at N6.248 billion across 10,182 transactions. Fidelity Bank led trading activity with 40.031 million shares worth N672.793 million, followed by Veritas Kapital Assurance with 37.176 million shares valued at N42.415 million, and Nigerian Breweries, which traded 27.012 million shares worth N890.075 million. Zenith Bank traded 22.906 million shares valued at N1.072 billion, while Access Holdings recorded 20.984 million shares worth N464.012 million.
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