Equities investors lost more than N148 billion as Aradel, Nestle Nigeria, and other companies experienced stock market selloffs. Transaction data from Nigeria’s domestic market showed that key performance indicators declined by 0.25% as investors responded unfavorably to the inflation increase.
As a result, the market index, or All-Share Index, slipped 249.40 basis points to close at 98,291.53, marking the end of the local bourse’s good run. Stockbrokers said that the market saw sell-offs in certain medium- and large-cap equities across major industries.
Trading activity decreased at the end of each session, with total volume and total value traded falling by 9.96% and 66.46%, respectively. Atlass Portfolios Limited reported a total of 257.55 million units valued at₦8.993.13 million were traded in 7,776 transactions.
FIDELITYBK was the most traded stock in terms of volume, accounting for 14.91% of the total volume traded in the equities market. Other volume drivers include UBA (13.19%), GTCO (6.53%), CHAMPION (5.64%), and ZENITHBANK (4.52%).
Today, ARADEL emerged as the most traded stock in value terms, with 35.04% of the total value of trades on the exchange. DEAPCAP topped the advancers’ chart with a price appreciation of 10.00 percent.
Other gainers include UACN (+9.90%), DANGSUGAR (+9.69%), CHAMPION (+9.65%), DAARCOMM (+9.26%), MECURE (+9.09%), and seventeen others. Market reports stated that twenty-three stocks depreciated as bears took over trading sessions.
Customs was the top loser, with a price depreciation of -8.98%. Other decliners include OKOMUOIL (-6.86%), ARADEL (-5.85%), FTNCOCOA (-2.63%), FIDELITYBK (-2.34%), and NESTLE (-2.25%).
Despite heavy sell activities on major stocks, the market breadth closed par, recording 23 gainers and 23 losers.
Sectoral performance was positive, as three of the five major indexes closed in the green. The consumer goods sector grew by +0.46%, followed by the insurance sector, which gained +0.40%, while the oil & gas sector surged by +0.02%.
The banking and industrial sectors declined moderately by 0.04% and 0.03% accordingly. Overall, the equities market capitalisation lost₦148.07 billion to close at₦59.56 trillion on Wednesday.
