NASCON Allied Industries Plc recorded one of the steepest declines on the Nigerian Exchange on Thursday as sustained selling pressure pushed the stock down 9.48 percent.
The stock fell from N188.90 to N171.00, wiping N17.90 off the value of each share during the trading session.
The decline represented the largest absolute price loss among the five leading decliners for the day and placed NASCON among the worst-performing equities on the exchange.
While Nigerian Enamelware recorded a slightly larger percentage decline of 9.95 percent from N40.70 to N36.65, NASCON’s N17.90 drop represented a considerably larger loss in price per share.
At N171, NASCON closed N17.90 below its previous closing price, equivalent to a 9.48 percent decline in a single session.
Other stocks also came under selling pressure.
Thomas Wyatt Nigeria declined 6.38 percent from N2.35 to N2.20, while DAAR Communications fell 6.37 percent from N1.57 to N1.47.
Legend Internet completed the five leading decliners after losing 5.80 percent to close at N3.25 from N3.45.
The losses came during a mixed session in which the broader equities market managed to remain marginally positive.
The NGX All-Share Index edged 0.01 percent higher to 247,707.13 points, extending its recovery for a second consecutive trading session.
Equity market capitalisation also increased marginally to approximately N160.834 trillion, although overall trading value dropped sharply to N15.31 billion from N28.59 billion in the previous session.
NASCON’s sharp decline therefore contrasted with the marginal improvement in the broader market as selling pressure remained concentrated in selected stocks despite the positive benchmark close.
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