The Nigerian equities market retreated into negative territory on Thursday as a massive wave of sell-offs in large-cap stocks erased N1.922tn from the total market capitalisation. This downturn was primarily driven by investors rotating out of high-value industrial and consumer goods stocks to lock in profits, ending the session with the total market value at N153.859tn.
Despite the heavy blow to the overall value, market breadth remained broadly positive as 41 gainers outpaced 30 losers, suggesting that while the heavyweights retreated, mid- and small-cap stocks continued to find favour among retail investors. Chemical and Allied Products and FTN Cocoa Processors emerged as the session’s top performers, both hitting the maximum daily gain of 9.99 per cent to close at N212.50 and N8.04, respectively.
They were closely followed by Berger Paints, Meyer, and Zichis Agro Allied Industry, all recording a 9.97 per cent uptick. On the flip side, University Press led the losers’ chart with a 10 per cent drop to close at N4.50, while Red Star Express followed with a decline of 9.59 per cent and Skyway Aviation Handling Company shed 8.63 per cent of its value.
Market activity saw a significant spike as the total volume of shares traded rose 29.34 per cent to 1.830 billion units, valued at N72.168bn across 81,131 deals. NEM Insurance dominated the activity chart, transacting 360.565 million shares worth N7.937bn. Other highly traded stocks during the session included Fortis Global Insurance, VFD Group, Access Holdings, and FCMB Group.
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