The Nigerian Exchange Limited (NGX) closed lower on Thursday as sustained selling pressure dragged the equities market down by N31 billion.
The market capitalisation dropped from N66.140 trillion recorded in the previous session to N66.109 trillion.
The NGX All-Share Index (ASI) declined by 0.06 percent to close at 105,426.12 points, compared to the preceding day’s 105,475.38 points.
The session closed contrary to analysts’ expectations of bargain-hunting activities.
Vetiva Research, in its earlier projection, had anticipated a modest rebound driven by bargain hunters but warned of the possibility of prolonged selling pressure.
The market, however, remained subdued, extending its weak performance into another session.
The decline was attributed to losses recorded in stocks such as John Holt Plc, Chams Holding Company Plc, May & Baker Nigeria Plc, and UPDC Plc.
John Holt closed at N7.74, representing a 10 percent decline from the previous day’s N8.60. Chams dropped by 8.52 percent to N2.04, down from N2.23.
May & Baker lost 7.95 percent to close at N8.10, while UPDC shed 6.90 percent, settling at N2.70.
Trading activity was modest, with investors executing 11,393 deals involving 423.62 million shares valued at N9.18 billion.
Financial stocks such as Access Holdings, Fidelity Bank, and Zenith Bank dominated the volume and value charts, reflecting continued interest in the banking sector despite the broader market weakness.
Market sentiment remained weak as selling pressure outweighed the impact of bargain-hunting activities. Analysts noted that investors remained cautious amid concerns over market valuation and liquidity dynamics.
