The stock market continued with its losing streak Thursday, recording the fourth consecutive decline following persistent bearish sentiments. Consequently, the Nigerian Stock Exchange (NSE) All-Share Index fell 0.76 per cent to close lower at 36,470.05, its lowest level since October 2017.
Investors lost N100.8 billion as market capitalisation fell to N13.2 trillion.
However, amidst the bearish trading, the level of activity improved as volume and value traded rose 63.6 per cent and 196.4 per cent to 296.3 million shares and N4.9 billion respectively.
The depreciation recorded in the share prices of some highly capitalised companies such as Nigerian Breweries, FBN Holdings, Nestle, International Breweries, and Zenith Bank were mainly responsible for the bearish session.
In all, 27 stocks depreciated while 20 appreciated. Etranzact Plc led the price losers with 9.8 per cent, followed by Livestock Feeds Plc with 9.3 per cent. Tantalizer Plc shed 8.7 per cent, while Unity Bank Plc closed 7.4 per cent lower.
On the positive side, Wema Bank Plc led the price gainers, chalking up 9.6 per cent, trailed by Oando Plc with 9.4 per cent. Linkage Assurance Plc and Niger Insurance Plc garnered 8.2 per cent and 8.0 per cent in that order.
On a sectoral basis, performance was mixed. The NSE Oil & Gas Index emerged top performer, gaining 1.2 per cent on the back of buy interest in Oando Plc(+9.5 per cent) and Eterna Plc (+6.2 per cent). The NSE Banking Index and NSE Insurance Index also rose by 0.2 per cent apiece.
On the flip side, the NSE Industrial Goods Index closed flat, while the Consumer Goods index closed in the red losing 2.5 per cent.