Stock market dips as losses widen

The stock market continued its decline on Thursday, as key performance indices slipped by 0.40 per cent, extending the recent downward trend.

Market capitalisation on the Nigerian Exchange Ltd. (NGX) fell by N274 billion, dropping to N68.621 trillion from N68.895 trillion on Wednesday.

Similarly, the All-Share Index declined by 435.01 points, or 0.40 per cent, closing at 109,183.02 from the previous 109,618.03.

This downturn was driven by falling share prices in Chellaram, May & Baker, Linkage Assurance, Omatek, McNicholas and 29 other listed firms.

Market breadth also ended negative, with 34 stocks losing value while only 23 recorded gains by the session’s close.

Chellaram dropped 9.96 per cent to close at N11.75, while May & Baker also fell 9.96 per cent, finishing at N11.75 per share.

Linkage Assurance declined by 9.88 per cent to N1.46, and Omatek shed 8.82 per cent, closing at 62k per share.

McNicholas also lost 8.70 per cent, ending Thursday’s session at N2.10 per share.

Among gainers, Union Homes Real Estate Investment rose 9.97 per cent to N50.75, and Red Star Express increased 9.91 per cent to N6.10.

RT Briscoe gained 9.57 per cent to close at N2.29, while Sovereign Trust rose 9.38 per cent, finishing at N1.05 per share.

Custodian Insurance recorded a 9 per cent increase, ending the session at N21.80 per share.

A total of 1.65 billion shares worth N19.098 billion were traded in 26,176 transactions.

This compares to 664.16 million shares worth N12.996 billion exchanged in 19,439 deals previously.

Royal Exchange led the activity chart, with 903.59 million shares traded, valued at N903.11 million.

Fidelity Bank followed, with 137.41 million shares exchanged, worth N2.42 billion in total value.

Ja Paul Gold recorded 81.68 million shares worth N164.26 million during the session.

United Bank for Africa traded 60.78 million shares valued at N2.078 billion.

Tantalizer rounded off the chart, with 43.499 million shares traded, worth N111.52 million.