By The Nigerian stock market extended its losing streak yesterday, as investors saw a decline of N36 billion in market value. The All-Share Index (ASI) dropped by 56.36 points, representing a 0.05% decrease, closing at 104,858.77 points. Market capitalization also fell to N65.754 trillion.
The decline was driven by losses in major stocks, including Nigerian Aviation Handling Company (NAHCO), Custodian Investment, Unilever Nigeria, Livestock Feeds, and Access Holdings. Overall, investor sentiment remained weak, with 28 stocks declining while only 14 recorded gains.
Despite the downturn, CWG led the gainers with a 9.64% increase, closing at N9.10 per share. Veritas Kapital Assurance followed with an 8.41% rise to N1.16, while Deap Capital Management and Trust climbed 7.61% to close at 99 kobo per share. Other notable gainers included Wapic Insurance (+4.26%) and Wema Bank (+2.37%).
On the losing side, Livestock Feeds led the chart with a 9.57% drop to N7.65 per share. Royal Exchange fell by 8.24% to 78 kobo, while Custodian Investment declined by 6.98% to N20.00 per share. UPDC and Chams Holding Company also recorded significant losses, shedding 6.23% and 5.16%, respectively.
Trading activity also slowed, with total volume dropping by 77.28% to 310.528 million units, valued at N6.248 billion. Fidelity Bank led in trade volume with 40.031 million shares worth N672.793 million, followed by Veritas Kapital Assurance and Nigerian Breweries.
Zenith Bank and Access Holdings remained active in the market, trading millions of shares worth billions of naira. However, with weak investor confidence and continued losses, market watchers remain cautious about the short-term outlook.
