The Nigerian stock market extended its bearish run on Thursday as investors lost N440 billion amid continued profit-taking in large- and mid-cap stocks.

Market capitalisation declined by 0.30 per cent, or N440 billion, from N155.417 trillion at the opening to N154.977 trillion at the close of trading.

Similarly, the All-Share Index (ASI) fell by 712.67 points, or 0.30 per cent, to close at 240,037.80, compared with 240,750.47 recorded on Wednesday.

The decline pushed the market’s year-to-date return to 54.25 per cent, while market breadth remained negative, with 29 losers against 14 gainers.

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Despite the decline in market value, trading activity strengthened significantly, with 2.87 billion shares worth N33.99 billion exchanged in 34,725 transactions.

This represents a 140.65 per cent increase in trading volume compared with the 1.19 billion shares valued at N37.82 billion traded in 34,546 deals in the previous session.

International Energy Insurance led the losers’ chart, declining by 9.85 per cent to close at N4.30 per share. WAPIC followed with a 9.84 per cent decline to N2.30, while Fortis Global Insurance shed 9.76 per cent to close at N1.85.

AVA Capital dropped by 7.89 per cent to N7, while Zichis Agro Allied Industries declined by 7.36 per cent to N17 per share.

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On the gainers’ chart, Haldane McCall led with a 9.38 per cent increase to close at N3.85 per share. Trans-Nationwide Express gained 8.90 per cent to N3.06, while McNicholas rose by 8.33 per cent to N5.20.

Cutix advanced by 2.56 per cent to N2.40, while Veritas Kapital Assurance gained 1.52 per cent to close at N1.34 per share.

Fortis Global Insurance dominated trading volume with 2.56 billion shares, accounting for 88.98 per cent of the total volume traded during the session.

Aradel recorded the highest value of transactions at N6.23 billion, representing 18.32 per cent of the day’s total value traded.