Nigeria’s stock market kept sliding on Wednesday, with investors booking a total loss of N758 billion as market value and the benchmark index both fell for another session.
Key takeaways
- Market capitalisation decreased by N758 billion, down 0.49%, to N154.445 trillion from Tuesday’s N155.203 trillion.
- The All-Share Index fell by 1,182.08 points (0.49%) to close at 240,802.72.
- Year-to-date gains narrowed to 54.74% after the latest decline.
- Trading ended with more declining stocks than advancers, with 51 losers versus 13 gainers.
- Market turnover improved, with traded volume up 23.79% to 662.96 million shares valued at N39.98 billion.
Market value and benchmark index retreat
Data from the Nigerian equities market showed that market capitalisation slipped by N758 billion, equivalent to a 0.49% drop, reaching N154.445 trillion. This compares with the N155.203 trillion level recorded at the end of Tuesday’s trading.
The All-Share Index tracked the same direction, losing 1,182.08 points, also a 0.49% decline. The index finished at 240,802.72, versus 241,984.80 in the preceding session. As a result, the market’s Year-to-Date return eased to 54.74%.
Broader losses, mixed leadership among stocks
Market breadth closed in negative territory, with 51 stocks falling compared with 13 that advanced. Among the decliners, Geregu led the chart, down 10% to close at N1,019.30. Okomu Oil followed with a 9.97% fall, ending at N1,418, while Red Star Express slid 9.95% to finish at N27.60 per share.
On the gainers’ side, Neimeth Pharmaceuticals topped the list, rising 9.47% to settle at N9.25. The upward movers also included Cornerstone Insurance, VFD Group, Mc Nichols and Sunu Assurances.
Higher trading activity and top counters
Although prices weakened, activity picked up during the session. Total volume traded climbed by 23.79% to 662.96 million shares, with the value of trades rising to N39.98 billion. Transactions totaled 51,143.
By volume, Access Corporation emerged as the most actively traded name, with 130.26 million shares exchanged, representing 19.65% of the total volume. By value, MTN Nigeria led the day’s trading, with deals worth N8.19 billion accounting for 20.48% of the total market value.
Over the last three days, investors have continued to face sharp portfolio declines, with losses accumulating as sentiment remains under pressure.
