Trading on the Nigerian Exchange Limited closed on a bearish note on Thursday, as equity market capitalisation dropped by N3.28tn to close at N162.13tn.
The benchmark NGX All-Share Index dropped 1.98 per cent to close at 249,710.59 points, down from 254,762.81 points recorded in the previous trading session.
The market downturn was driven by major losses in large-cap stocks, led by Dangote Cement Plc and Presco Plc, both of which hit the daily maximum price decline of 10.00 per cent. Dangote Cement fell from N1,490.00 to N1,341.00 per share, while Presco dropped from N1,840.80 to N1,656.80.
Other notable decliners included Wapic Insurance Plc, which fell 9.91 per cent to N2.00, and UACN Plc, down 7.85 per cent to N166.80.
Despite the overall market sell-off, CWG Plc led the gainers’ table, appreciating by 9.94 per cent to close at N17.15 per share. Abbey Mortgage Bank Plc gained 9.84 per cent to N6.70, while Honeywell Flour Mill Plc rose 9.82 per cent to N26.85.
Market activity levels reflected mixed sentiment across sectors. The NGX Industrial Index experienced the sharpest sectoral decline, plunging 7.14 per cent to 11,707.38 points, while the NGX Banking Index eased 0.65 per cent to close at 2,388.23 points.
Conversely, the NGX Growth Index posted a modest gain of 0.21 per cent to close at 26,689.07 points.
In total, investors traded 856.24 million shares worth N162.13tn across 33,499 deals during the session.