Jaiz Bank, Ikeja Hotel, Cadbury Nigeria, and 35 other stocks dragged the Nigerian stock market to a third straight loss of N515 billion on Thursday.
Data from Nigerian Exchange Limited showed that market capitalization, which opened at N124.753 trillion, declined by N515 billion to close at N124.238 trillion.
The All-Share Index also dropped by 0.41 percent, or 802.39 points, to settle at 193,567.81 compared to 194,370.20 recorded on Wednesday.
Consequently, the Year-To-Date return slipped to 24.39 percent, with market breadth closing negative as 38 stocks declined while 30 advanced.
On the losers’ chart, Jaiz Bank led with a 9.98 percent drop to N12.63; Ikeja Hotel and John Holt followed with losses of 9.90 percent each to close at N37.75 and N8.65 per share. Nigerian Enamelware shed 9.88 percent to N36.50, while Cadbury fell by 9.69 percent to N61.95 per share.
On the gainers’ side, FTN Cocoa Processors topped the chart with a 10 percent rise to N6.05; RT Briscoe gained 9.95 percent to N11.38, followed by Deap Capital Management, Japaul Gold Ventures, and Omatek Ventures.
Meanwhile, overall market activity weakened, with total volume, value, and deals declining by 36.01 percent, 30.58 percent, and one percent respectively.
A total of 868.5 million shares valued at N31.5 billion were traded in 69,310 deals, compared with 1.4 billion shares worth N46.2 billion exchanged in 70,222 transactions on Wednesday.
Jaiz Bank recorded the highest trading volume with 78.94 million shares, representing 9.09 percent of the day’s total.
Zenith Bank posted the highest trade value at N4.06 billion, accounting for 12.89 percent of the day’s total turnover.