The Nigerian stock market witnessed a setback on Thursday, shedding over ₦53 billion in market value amid selloffs in key blue-chip stocks including Seplat Energy, Oando, and Guaranty Trust Holding Company (GTCO). The bearish sentiment dragged the NGX All-Share Index (ASI) lower by 0.08%, bringing it to a close at 111,818.08 points.
This reversal in market momentum follows several days of bullish trading, marking a shift in sentiment as investors engaged in strategic profit-taking. Seplat’s steep decline played a pivotal role in driving the broader market into negative territory.
Specifically, the ASI lost 84.53 points while total market capitalization dipped to ₦70.51 trillion—a drop of approximately ₦53.30 billion. This mild pullback reflects cautious repositioning by investors who sought to lock in gains from earlier rallies.
Despite the downward trend, trading activity was more robust. Data from the Nigerian Exchange (NGX) showed that total trade volume climbed 8.65%, while total trade value rose marginally by 0.30%. According to a market note from Atlass Portfolios Limited, investors exchanged 556.45 million shares valued at ₦17.17 billion across 18,505 deals.
UBA led the day in trading volume, contributing 14.92% of the total, followed by Fidelity Bank with 12.76%, Nigerian Breweries (6.72%), Tantalizer (6.56%), and Zenith Bank (5.00%). UBA also ranked highest in terms of trade value, accounting for 16.70% of the total traded value.
Top gainers included Mutual Benefits Assurance (MBENEFIT), which surged 10%, followed closely by UPL (+9.98%), Academy Press (+9.88%), SCOA (+9.62%), Livestock Feeds (+9.58%), and FTN Cocoa Processors (+9.54%). In total, 40 stocks appreciated in value.
Meanwhile, 24 equities closed in the red, with SEPLAT and Legend International both suffering a 10% decline. Other notable losers included Omatek (-8.97%), Ellah Lakes (-5.71%), Neimeth (-4.28%), Oando (-2.04%), and GTCO (-0.72%).
Major contributors to the day’s bearish close included SEPLAT (-10.00%), Sterling Financial Holdings (-2.54%), Oando (-2.04%), GTCO (-0.72%), Access Corporation (-0.45%), and First Holdings (-0.20%).
The broader sectoral performance was mixed. The oil & gas index plunged 5.01%, and the insurance sector fell 0.17%, while gains were recorded in the consumer goods (+0.30%) and oil & gas production sub-sector (+0.94%). The industrial sector remained flat at session close.
