The Nigerian stock market extended its bearish run on Thursday as investors lost approximately ₦758 billion following renewed profit-taking across several large-cap stocks.
The Nigerian Exchange Limited (NGX) All-Share Index declined to 240,802.72 points, while equity market capitalisation fell to ₦154.45 trillion from the previous session.
Trading activity remained relatively robust despite the negative sentiment as investors exchanged 662.96 million shares valued at ₦39.98 billion in 51,143 deals.
The decline was largely driven by losses in Geregu Power Plc, Okomu Oil Palm Plc and other major counters that outweighed gains recorded in selected financial, insurance and healthcare stocks.
Neimeth International Pharmaceuticals Plc led the gainers’ chart after advancing by 9.47 percent from ₦8.45 to ₦9.25 per share.
Cornerstone Insurance Plc followed with a 9.26 percent gain to close at ₦5.90, while VFD Group Plc appreciated by 7.96 percent to ₦10.85. McNichols Plc rose by 7.14 percent to ₦7.50, and SUNU Assurances Nigeria Plc gained 3.91 percent to settle at ₦3.72.
On the losers’ table, Geregu Power Plc shed 10.00 percent from ₦1,132.50 to ₦1,019.30 per share. Okomu Oil Palm Plc declined by 9.97 percent to ₦1,418.00, while Red Star Express Plc lost 9.95 percent to close at ₦27.60.
Consolidated Hallmark Holdings Plc fell by 9.91 percent to ₦7.82, and International Energy Insurance Plc dropped 9.90 percent to ₦5.19.
Access Holdings Plc emerged as the most actively traded stock by volume with 130.26 million shares exchanged during the session.
Jaiz Bank Plc followed with 114.92 million shares, while Sterling Financial Holdings Company Plc recorded 31.10 million shares traded.
In terms of value traded, Access Holdings generated ₦3.07 billion, while Jaiz Bank recorded ₦1.04 billion. However, UACN remained one of the dominant value drivers in recent sessions.
The sustained activity in banking stocks such as Access Holdings, Jaiz Bank and Sterling Financial Holdings indicates that investors continue to favour highly liquid financial sector stocks, even as profit-taking persists in other areas of the market.
Performance in the exchange-traded fund segment was largely positive. VSPBONDETF gained ₦13.00 to close at ₦245.00, while MERVALUE rose by ₦5.84. VETBANK and VETINDETF also posted gains, while VETGRIF30 closed flat.
Market analysts attributed the market’s decline to continued profit-taking following the strong rally recorded earlier in the year.
The sharp losses in Geregu Power and Okomu Oil highlight the pressure on some large-cap stocks as investors rebalance portfolios and lock in gains.
Despite the market’s decline, turnover remained close to ₦40 billion, suggesting that liquidity has not exited the market entirely.
Instead, investors appear to be rotating capital into selected sectors and stocks with stronger short-term catalysts.
With banking stocks continuing to attract significant trading activity and institutional investors remaining active in selected counters, market participants are expected to monitor corporate developments, economic indicators and earnings expectations for clues on the market’s next direction.
