The Nigerian Exchange (NGX) recorded a significant loss of over N148 billion in market capitalisation on Thursday, driven by sell-offs in major stocks such as BUA Cement and Conoil. The decline pushed key performance indicators down by 0.25%, further slowing the year-to-date returns.
At the close of trading, the NGX All-Share Index fell by 244.73 basis points, ending at 97,233.07. Although market breadth remained positive, with more gainers than losers, blue-chip stock sell-offs led to an overall drop in market value.
Stockbrokers reported that the primary contributors to the market's negative performance were CONOIL, BUA Cement, and other key stocks, collectively erasing ₦148 billion from investors' wealth. Despite the losses, trading activities saw an uptick, with the total volume and value of shares traded rising by 18.02% and 4.08%, respectively.
According to Atlass Portfolios Limited, about 291.53 million units valued at ₦7,816.90 million were exchanged across 7,931 deals. ACCESSCORP led trading in volume, accounting for 20.78% of the total, with other high-volume stocks including UBA (6.17%), ZENITHBANK (5.59%), OANDO (5.38%), and UCAP (5.31%).
Top gainers for the day included FLOURMILL and TIP, each climbing 10%, followed closely by JOHNHOLT (+9.86%), INTENEGINS (+9.85%), and SUNUASSUR (+9.75%). In total, 32 stocks closed higher, while 15 stocks, including ABBEYBDS (-9.77%), CONOIL (-6.15%), and BUACEMENT (-5.93%), ended in the red.
Sector-wise, Insurance (+0.95%), Consumer Goods (+0.56%), and Banking (+0.53%) indices showed gains, supported by stocks like CONHALLPLC (+9.62%) and FLOURMILL (+10.00%). However, the Industrial Goods (-1.85%) and Oil and Gas (-1.76%) sectors were hit by losses in BUACEMENT and OANDO.
By the end of the day, the NGX's market capitalisation had dropped by N148.16 billion, closing at N58.92 trillion.
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