The equity market continues to exhibit a bearish trend, with the ASI experiencing a decline of 0.05.

The Nigerian Exchange Limited maintained its downward trajectory on Thursday, with the benchmark All-Share Index falling by 0.05 percent to close at 102,788.20. Despite this slight decrease, the market recorded a weekly increase of 0.59 percent and a four-week rise of 1.41 percent. However, the year-to-date performance remains marginally negative, reflecting a loss of 0.13 percent.

Currently, the market capitalization of the NGX is N63.1 trillion, with 123 listed companies participating in the trading session, which concluded with an equal number of gainers and losers at 28 each. 

SCOA Nigeria was the leading gainer, rising by 9.76 percent to finish at N3.60 per share, followed closely by Daar Communications (+9.09 percent), May & Baker Nigeria (+8.43 percent), and Prestige Assurance Company (+6.82 percent). Conversely, Morison Industries experienced the largest decline, dropping by 9.98 percent to close at N3.61 per share. Other significant losers included C&I Leasing (-9.91 percent), Ikeja Hotel (-8.89 percent), and Neimeth International Pharma (-8.51 percent).

At the end of the trading day, a total of 390,357,501 shares valued at N21.44 billion were exchanged across 12,159 transactions, indicating a 45 percent increase in turnover and a 13 percent rise in the number of deals compared to the previous day.

In terms of sector performance, the Banking Index achieved the highest gain, rising by 1.04 percent, followed by the Pension Index, which increased by 0.28 percent. Other indices, such as the Top 30 Index, Premium Index, and Industrial Index, displayed mixed outcomes.

Guaranty Trust Holding recorded the highest trading volume, with 42.1 million shares exchanged, followed by United Bank for Africa (37.4 million), Zenith Bank (25.2 million), and Access Holdings (24.3 million).

In a recent announcement, the Nigerian Exchange Regulation Limited revealed the delisting of two companies, Tourist Company of Nigeria Plc and Union Homes Savings and Loans Plc, from the Daily Official List of the Nigerian Exchange Limited, effective January 31, 2025.

This resolution, ratified by the Board of NGX regco during its session on December 16, 2024, comes after extended periods of non-compliance with post-listing requirements by both entities. A recent circular submitted to the Nigeria Exchange indicates that TCN has been non-compliant for nine years, while Union Homes has faced breaches for eleven years. 

The circular further noted that despite NGX regco's ongoing efforts to engage with the companies and support them in rectifying their issues, including the issuance of a final delisting notice in July 2024, no advancements were achieved. On Wednesday, trading on the Nigerian Stock Exchange concluded on a downward trend, with the market reversing earlier gains and experiencing a decline of 0.29 percent.