The Nigerian stock market recorded its fourth straight day of losses on Thursday as 39 listed companies dragged the overall performance down, wiping out N348 billion in investors’ wealth.

Heavy selloffs in Legend Internet, Champion Breweries, Tantalizer, Sovereign Trust Insurance, Linkage Assurance, and several others contributed to the market’s downward trend.

By the close of trading, the market capitalisation dropped from N95.664 trillion to N95.316 trillion, representing a 0.36 per cent decline. Similarly, the All-Share Index shed 547.32 points or 0.36 per cent to settle at 150,573.87, down from 150,026.55 recorded the previous day.

The year-to-date return fell further to 45.76 per cent, while market sentiment remained bearish with 39 losers against 15 gainers. Legend Internet topped the list of decliners with a 9.93 per cent loss.

On the positive side, UPDC led the gainers’ table, appreciating by 9.83 per cent to close at N6.55, followed by FCMB.

Trading data from the NGX revealed weaker market activity across all indicators. A total of 619.63 million shares valued at N16.5 billion were exchanged in 24,865 deals, compared to 1.11 billion shares worth N29.8 billion traded in 27,303 deals on Wednesday.

FCMB Group emerged as the most active stock for the day, trading 149.9 million shares valued at N1.6 billion.

Overall, investors have experienced continued losses since the start of the week, reflecting sustained bearish sentiment in the market.