Nigeria’s stock market lost momentum for the first time since the suspension of former Governor of the Central Bank of Nigeria, Godwin Emefiele, as investors chose to take profit following the recent two-day rally.
Access Corporation saw much of its shares sold as the share value dropped N1.45 or 9.24 per cent, from N15.70 to N14.25.
Cornerstone Insurance topped the laggards list, as its share price lowered from N1.13 to N1.02, down by 11 kobo or 9.73 per cent.
Thursday’s dip means investors could not consolidate the recent rally which was largely triggered by Emefiele’s suspension and the decision of the CBN to float the naira.
UBA, Access Corporation, Fidelity Bank, GTCO and Sterling Bank ranked as some of the most actively traded stocks.
Consequently, the Nigerian Exchange Limited All-Share Index and equities Market Capitalisation decreased from 59,985.10 points and N32.662tn respectively on Wednesday to 59,195.21 points and N32.232tn on Thursday.
Investors traded 1,170,151,738 units valued at N15.359bn in 12,611 deals.
This came a day after banks led top gainers on Wednesday which analysts attributed to critical economic decisions by the Bola Tinubu administration.
In a development that followed Tuesday’s bullish trading day, the All-Share Index traded 3.99 per cent higher to close at 59,985.10 index points, up from the 58,163.55 index points recorded in the previous day’s trading session.
The market capitalisation also appreciated by N992bn, closing at N32.662tn. This represented a 3.13 per cent gain against the N31.670tn recorded in the previous trading session.
The market capitalisation also appreciated by N992bn, closing at N32.662tn. This represented a 3.13 per cent gain against the N31.670tn recorded in the previous trading session.
International Breweries (10.00 per cent) led the gainers while Pharm Deko (-9.65 per cent) led the losers. UBA Plc was the most traded equity by volume at the end of Wednesday’s session.
Other top gainers included Sterling (10 per cent), Transcohot (10 per cent), Dangote Sugar (10 per cent) and First Bank Nigeria Holdings (10 per cent)