Investors lose N429.77bn in the stock market. After 13 consecutive days of gains, the Nigerian stock market ended Thursday with a loss of 1.53 percent of its market capitalization due to the selling of Airtel Africa Plc.
The local market gave in to selling pressure for the first time in the 2023 trading year, marking the beginning of the decline.
From 51,657.56 points, the All-Share Index dropped to 50,868.52 today.
The market capitalization dropped by N429.77bn, bringing the day’s total to N27.71tn, and the year-to-date return to -0.75 percent.
Analysis of trading on Thursday showed that, compared to the day before, turnover was lower, with a drop of 86.49 percent in value from the day before, when 265.725 billion was traded.
There were 3,673 trades for a total of 138.72 million shares, with a value of N1.83bn.
Despite 29.15 million units changing hands, Sterling Bank topped the volume rankings, while GTCO topped the value rankings with transactions totaling N477.77m.
At the close, rising issues outnumbered falling ones by a ratio of 1.38 to 1.
JohnHolt topped the list of gainers with a 10% increase, from N0.80 kobo to N0.88 kobo, making it the most valuable stock in the country. Honeywell Flour Plc, which is also listed on the Nigerian Stock Exchange, rose by 9.5%, from N2.21 kobo to N2.43 kobo, making it the second highest gainer.
Meanwhile, Prestige Plc led decliners by 8.70%, trading down from N0.46 to N0.42 a share.
Shares of Airtel Africa Plc dropped N135 today, bringing their day’s closing price down from N1,635 to N1,500.