Stock market sheds N170bn as investors dump mid-caps

The Nigerian equities market retreated on Thursday as a wave of mild profit-taking in several mid-cap stocks dampened the recent rally, resulting in a total loss of N170bn for investors. This downward movement saw the market capitalisation decline from N161.839tn at the start of the session to N161.669tn by the close of trading. In tandem with the drop in market value, the All-Share Index eased  0.11 per cent, moving from 252,508.19 points to 252,243.11 points.

Despite the marginal weakness in the broader index, market breadth remained technically positive as 37 equities managed to advance against 28 decliners. This suggests that while selling pressure in previously strong-performing mid-cap counters weighed on the valuation, buying interest was still distributed across a wide range of stocks.

On the performance board, Learn Africa emerged as the top gainer with a 10.00 per cent surge to close at N9.90, followed closely by Fidson, which rose 9.97 per cent to N124.60. Other significant gainers included Austin Laz, Berger Paints, and Deap Capital, all of which recorded appreciations of over 9.9 per cent.

Conversely, the market was dragged lower by Zichis, which shed 9.99 per cent to close at N32.69, and FTN Cocoa, which declined 9.87 per cent to N9.95. Other notable laggards included Meyer, RT Briscoe, and Neimeth, as investors locked in profits following their recent price appreciations.

Investor sentiment throughout the session was characterised by a rotation between sectors, with bargain hunting in the pharmaceutical and industrial categories partially offsetting the exit from agro-allied and services stocks. Market analysts noted that this selective approach indicates that participants are becoming more cautious and strategic after the index crossed the 250,000-point threshold earlier in the week. As the session concluded, the activity suggested a period of consolidation as investors rebalance their portfolios in anticipation of upcoming corporate earnings and macroeconomic data.