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Market capitalisation declined by N613 billion, from N157.493 trillion at the opening to N156.880 trillion at the close.
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The NGX All-Share Index fell by 949.71 points, from 243,967.09 to 243,017.38.
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Market breadth weakened significantly, with 16 gainers against 41 decliners as selling pressure persisted.
August 13, (THEWILL) — The Nigerian Exchange (NGX) extended its losing streak on Thursday as sustained selling pressure across several counters pushed the market lower, further weakening investor sentiment.
Market capitalisation, which opened at N157.493 trillion, fell to N156.880 trillion at the close, while the NGX All-Share Index (ASI) declined from 243,967.09 to 243,017.38.
The session recorded 16 gainers and 41 decliners, reflecting a decidedly bearish market breadth.
Top Five Gainers
- International Energy Insurance maintained its position at the top of the gainers’ chart, appreciating by 10.00 percent (N4.40 to N4.84).
- John Holt followed with a 9.89 percent gain (N9.10 to N10.00).
- Trans-Nationwide Express rose by 9.75 percent (N2.36 to N2.59).
- SUNU Assurance advanced by 8.48 percent (N3.30 to N3.58).
- NEM Insurance gained 6.25 percent (N32.00 to N34.00).
Top Five Decliners
- Unilever Nigeria recorded the steepest decline, shedding 9.97 percent (N131.40 to N118.30).
- Chellarams followed with a 9.66 percent decline (N11.90 to N10.75).
- Nigerian Infrastructure Debt Fund fell by 9.55 percent (N163.30 to N147.70).
- DAAR Communications declined by 9.25 percent (N1.73 to N1.57).
- Cornerstone Insurance shed 9.09 percent (N5.50 to N5.00).
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FirstHoldCo, Dangote Cement, Seplat Energy, U.A.C.N, Champion Brewery, BUA Foods, amongst others, closed flat for the day.
Investor sentiment remained firmly bearish as the widening gap between gainers and decliners pointed to broad-based selling pressure.
The market’s performance was particularly weighed down by declines across several counters, with Unilever recording another sharp loss after also featuring among the previous session’s major decliners.
Despite gains in selected insurance and financial stocks, the advances were insufficient to reverse the broader decline, leaving investors increasingly cautious.
The market could remain under pressure in the next trading session if investors continue to lock in gains or reduce exposure to vulnerable counters.
However, the sharp declines recorded across several stocks could also create selective entry opportunities for investors looking to accumulate fundamentally strong counters at lower valuations.
Market participants are likely to remain cautious while monitoring the direction of heavyweight stocks and broader investor sentiment.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
