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The NGX extended its bearish run as investors lost about ₦1.01 trillion in two consecutive sessions, with Thursday’s decline wiping ₦1.005 trillion off market capitalisation.
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Market sentiment remained weak as decliners outnumbered gainers 44 to 18, reflecting sustained profit-taking across key sectors.
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Despite the broader sell-off, select financial and insurance stocks posted gains, led by Legend Internet, DAAR Communications and Sterling Financial Holdings.
July 30, (THEWILL) — The Nigerian stock market extended its downward trajectory on Thursday as sustained profit-taking across key counters dragged major market indicators lower, wiping approximately ₦1.005 trillion from investors’ wealth.
The Nigerian Exchange (NGX) All-Share Index (ASI) declined by 0.66 percent, falling from an opening level of 246,980.17 basis points to close at 245,362.26 basis points.
Similarly, market capitalisation dropped from an opening value of ₦159.344 trillion to ₦158.339 trillion at the close of trading, reflecting another weak session for equities.
Investor sentiment remained subdued as market breadth closed negative, with 44 stocks recording losses compared with just 18 gainers.
Price Session
Top Five Gainers
• Legend Internet Plc advanced by 8.64 percent (rising from ₦4.05 to ₦4.40).
• DAAR Communications Plc gained 7.32 percent (appreciating from ₦1.64 to ₦1.76).
• Sterling Financial Holdings Company Plc rose by 6.67 percent (climbing from ₦7.50 to ₦8.00).
• Sovereign Trust Insurance Plc appreciated by 5.73 percent (moving from ₦1.92 to ₦2.03).
• Royal Exchange Plc added 4.69 percent (increasing from ₦1.28 to ₦1.34).
Top Five Decliners
• Tripple Gee & Company Plc fell by 10.00 percent (declining from ₦3.20 to ₦2.88).
• Lasaco Assurance Plc shed 9.92 percent (dropping from ₦2.42 to ₦2.18).
• C&I Leasing Plc lost 9.84 percent (falling from ₦6.10 to ₦5.50).
• Mutual Benefits Assurance Plc declined by 9.80 percent (easing from ₦3.57 to ₦3.22).
• Transnational Express Plc depreciated by 9.03 percent (sliding from ₦3.10 to ₦2.82).
Meanwhile, Dangote Cement Plc, Custodian Investment Plc, Julius Berger Nigeria Plc, Coronation Infrastructure Fund and BUA Foods Plc, among other heavyweight stocks, closed flat for the session.
Investor sentiment remained firmly bearish as sustained profit-taking continued to outweigh bargain hunting.
The sharp negative market breadth suggests investors remain cautious, with selling pressure spreading across several sectors despite isolated gains in selected financial and insurance counters.
Market activity is expected to remain cautious in the near term as investors continue to rebalance portfolios ahead of more corporate earnings releases.
However, bargain hunting in fundamentally strong stocks could provide intermittent support if valuation levels become increasingly attractive.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
