Nigeria’s equities market ended lower on Wednesday, extending a wave of selling that erased the prior day’s advance. Investors collectively booked a loss of N648 billion, pulling down overall market valuation and key benchmark measures.
Key takeaways
- The Nigerian Exchange closed the session with a combined market loss of N648 billion, reversing Tuesday’s N481 billion rise.
- Market capitalization slipped by N648 billion (down 0.41%) to end at N159.344 trillion.
- The All-Share Index fell by 1,004.38 points (0.41%) to close at 246,980.17.
- Trading sentiment stayed negative, with 45 decliners outnumbering 23 advancers.
- Despite the decline, activity increased: volume rose 12.11% to 758.87 million shares and the value of trades reached N33.79 billion.
Benchmarks fall as sellers regain control
Wednesday’s decline took market capitalization down to N159.344 trillion from N159.992 trillion recorded in the prior session. The All-Share Index (ASI) also weakened, sliding by 1,004.38 points to finish at 246,980.17, compared with 247,984.55 on Tuesday. With the sell-off, the market’s year-to-date performance eased to 58.71%.
Market breadth remained firmly bearish. Trading showed 45 stocks finishing in negative territory versus 23 that advanced, underscoring investors’ cautious stance as selling pressure spread across the board.
Big movers and improved turnover
Among the stocks that dropped, Cornerstone Insurance and Legend Internet were the steepest fallers on the day, both sliding 10% to close at N5.40 and N4.05 per share, respectively. Initiates Plc fell 9.91% to N30 per share, Guinea Insurance lost 9.78% to settle at 83 kobo, and ABC Transport declined 9.45% to end at N5.75 per share.
On the upside, Lasaco Assurance topped the gainers with a 10% rise to close at N2.42 per share. Coronation Infrastructure Fund gained 9.98% to finish at N154.30, while NEM Insurance increased by 9.97% to end the session at N34.20 per share.
Even with the market in the red, trading activity improved. Total volume increased by 12.11% to 758.87 million shares, worth N33.79 billion, exchanged across 55,251 deals. FCMB led by volume, accounting for 92.44 million shares, or 12.18% of the day’s total. In terms of trade value, First Holdco topped the chart with transactions worth N8.77 billion, representing 25.94% of the aggregate value traded.
The latest downturn follows a day of strength in which the Nigerian Exchange recorded a gain of N481 billion, highlighting continuing volatility in the equities market.
