The Nigerian stock market suffered its fourth straight day of losses on Thursday, as investors collectively lost N348 billion, driven by significant selloffs across 39 listed companies.

Declines in firms such as Legend Internet, Champion Breweries, Tantalizer, Sovereign Trust Insurance, Linkage Assurance, among others, contributed to the negative trend.

At the close of trading, market capitalisation fell from N95.664 trillion to N95.316 trillion, representing a 0.36 per cent loss. Similarly, the All-Share Index dropped by 547.32 points to 150,573.87, compared with Wednesday’s 150,026.55.

The year-to-date return also declined, now standing at -45.76 per cent, while the market breadth showed 39 losers against 15 gainers. Legend Internet led the losers with a 9.93 per cent drop, while UPDC topped the gainers’ chart with a 9.83 per cent rise, closing at N6.55, followed by FCMB.

Trading activity slowed significantly, with 619.63 million shares worth N16.5 billion exchanged across 24,865 deals, compared with 1.11 billion shares valued at N29.8 billion traded in 27,303 deals on Wednesday. FCMB Group led in traded volume with 149.9 million shares worth N1.6 billion.

Investors have experienced continued losses since the beginning of the week, highlighting ongoing caution in the market.