Nigerian Stocks Dip Ahead of Easter as Investors Dump Shares

|By Babatunji Wusu

The Nigerian equities market closed lower on Thursday ahead of the Easter holidays, as sustained sell-offs across 24 listed companies erased about N3 billion from the market’s value.

Losses in key stocks, including John Holt, Abbey Mortgage Bank, International Energy Insurance, CHAMS, and Tantalizers, drove the downturn as investors offloaded shares.

At the close of trading, market capitalisation slipped marginally by 0.002 per cent, declining from N129.809 trillion to N129.806 trillion.

In the same vein, the All-Share Index dropped by 4.66 points, representing a 0.002 per cent decline, to settle at 201,698.89, compared to 201,703.55 recorded in the previous session. Despite the decline, the market maintained a strong year-to-date return of 29.62 per cent.

Market breadth remained positive, with 34 gainers outperforming 24 losers.

Leading the gainers’ chart, Unilever Nigeria surged by 10 per cent to close at N103.40 per share. Other top performers included Fortis Global Insurance, Multiverse Mining, Legend Internet, and Zichis Agro Allied Industries.

On the losers’ side, John Holt posted the steepest decline, shedding 9.91 per cent to close at N15.45 per share. Abbey Mortgage Bank, International Energy Insurance, CHAMS, and Tantalizers also recorded significant losses.

Trading activity weakened during the session, with total volume traded falling by 31.33 per cent to 559.98 million shares, valued at N19.26 billion across 49,676 deals.

Secure Electronic Technology led the volume chart with 59.69 million shares, accounting for 10.66 per cent of total trades, while Zenith Bank topped the value chart with transactions worth N2.47 billion, representing 12.84 per cent of the total market value.