The Nigerian Exchange lost N308bn on Thursday as profit-taking in large-cap stocks halted a three-day rally, pulling the All-Share Index down by 0.39%

Nigerian Exchange sheds N308bn in a reversal that ended a three-day winning streak, as investors booked profits on large-cap stocks.

Also read: Nigerian Exchange loses N183bn as bearish sentiment hits blue-chip stocks

Thursday’s trading session closed with the All-Share Index dipping by 0.39 per cent, a loss of 478.64 points, bringing it down to 120,779.05. Consequently, the market capitalisation fell to N76.5tn from the previous day’s N76.81tn.

Despite the setback, the bourse has notched a 2.48 per cent gain for the week, alongside a 9.91 per cent four-week rise and a year-to-date return of 17.35 per cent.

Trading data revealed mixed activity. A total of 892.97 million shares worth N18.23bn were exchanged in 25,375 deals. This marked a four per cent increase in volume, an 11 per cent rise in deal count, but a 30 per cent decline in turnover compared to Wednesday’s trading.

Among the 128 stocks that traded, 33 gained, while 38 posted losses. Skye Shelter Fund led the gainers, appreciating by 10 per cent to close at N249.25.

Unilever Nigeria followed with a similar rise to N51.70. Neimeth International Pharmaceuticals gained 9.98 per cent to settle at N5.40, and UAC of Nigeria rose by 9.97 per cent to N38.05.

However, the session saw sharp declines in several equities. Thomas Wyatt Nigeria fell by 10 per cent to close at N2.07.

Nigerian Aviation Handling Company dropped 9.99 per cent to N91.00, while Oando Plc and Associated Bus Company lost 9.96 and 8.92 per cent respectively, ending the day at N61.90 and N2.45.

Ellah Lakes topped the volume chart, trading 113 million shares. Access Holdings followed with 76.2 million shares. Caverton Offshore Support Group posted 64.9 million shares, and Japaul Gold and Ventures recorded a turnover of 61.6 million shares.

Sectoral performance was divided. The Industrial Index rose by 2.11 per cent, and the Insurance Index gained 1.08 per cent. On the other hand, the Top 30 Index fell by 0.4 per cent, the Pension Index declined 0.26 per cent, the Premium Index dipped by 0.29 per cent, and the Main Board Index shed 0.45 per cent.

Despite Thursday’s decline, analysts at Afrinvest anticipate that bearish sentiment will persist in the short term, driven by profit-taking and cautious market behaviour.

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The setback comes after Wednesday’s trading, where the Exchange gained N1.18tn in market capitalisation, buoyed by investor enthusiasm and strong corporate results, notably from Oando Plc.