The Nigerian Exchange ended Thursday’s trading session in the red, reversing three consecutive days of gains as investors lost N308bn following profit-taking in large-cap stocks.

At the close of trading, the All-Share Index declined by 0.39 per cent, shedding 478.64 points to settle at 120,779.05, a decline that pulled the market capitalisation down to N76.5tn from the previous day’s N76.81tn. Despite the daily loss, the market has recorded a 2.48 per cent weekly gain, a 9.91 per cent rise in four weeks, and a year-to-date return of 17.35 per cent.

Market activity showed mixed performance, with a total of 892.97 million shares valued at N18.23bn exchanged in 25,375 deals. This represented a four per cent increase in trading volume, a 30 per cent decline in turnover, and an 11 per cent rise in the number of deals when compared to Wednesday’s session.

Out of the 128 equities that participated in trading, 33 closed in the green, while 38 posted losses.

Skye Shelter Fund led the gainers’ chart with a 10 per cent increase to close at N249.25 per share. It was followed by Unilever Nigeria, which also rose by 10 per cent to close at N51.70; Neimeth International Pharmaceuticals gained 9.98 per cent to close at N5.40; while UAC of Nigeria appreciated by 9.97 per cent to settle at N38.05.

On the flip side, Thomas Wyatt Nigeria topped the losers’ list with a 10 per cent decline to close at N2.07. Nigerian Aviation Handling Company followed, dropping by 9.99 per cent to N91.00, while Oando Plc and Associated Bus Company shed 9.96 per cent and 8.92 per cent to close at N61.90 and N2.45, respectively.

In terms of volume, Ellah Lakes led the chart with 113 million shares traded. Access Holdings followed with 76.2 million shares, Caverton Offshore Support Group recorded 64.9 million, and Japaul Gold and Ventures posted 61.6 million shares in turnover.

Sectoral performance was mixed. The Industrial Index gained 2.11 per cent, while the Insurance Index rose by 1.08 per cent. However, the Top 30 Index dipped by 0.4 per cent, the Pension Index dropped by 0.26 per cent, the Premium Index fell by 0.29 per cent, and the Main Board Index lost 0.45 per cent.

Despite Thursday’s sell-off, analysts at Afrinvest expect the local bourse to continue its bearish performance driven by continued profit-taking activities.

The PUNCH reported that the Nigerian Exchange recorded a market capitalisation increase of N1.18tn on Wednesday, driven by investor optimism and corporate earnings, especially from Oando Plc.