The Nigerian Exchange (NGX) experienced a downturn on Wednesday, with its market capitalisation declining by over ₦81 billion as investors took profit and exited positions in select equities.
Despite recording a positive market breadth, the broader market sentiment was overshadowed by significant sell-offs in key stocks including CADBURY, DANGSUGAR, and GTCO. This cautious stance by investors amid persistent economic uncertainties marked the second consecutive day of losses for the exchange, with a total of ₦196 billion wiped off investor wealth over the two-day period.
The All-Share Index (ASI) of the NGX dipped by 130.33 basis points, equivalent to a 0.12% drop, closing at 105,800.85. Trading activity was also subdued, as both total volume and value of transactions contracted by 46.39% and 63.85%, respectively.
According to Atlass Portfolios Limited, approximately 393 million units of shares valued at ₦12.76 billion were exchanged in 17,519 deals during the day’s trading session.
UBA led the activity chart in terms of volume, contributing 9.92% of the total traded volume. It was followed by WEMABANK (6.79%), FIDELITYBK (6.48%), ACCESSCORP (6.39%), and ZENITHBANK (5.29%).
In terms of value, MTNN was the most traded equity, accounting for 28.31% of the total transaction value on the NGX.
UPL and VITAFOAM topped the gainers’ chart with a 10.00% appreciation each. Other top gainers included LIVESTOCK (+9.97%), CILEASING (+9.89%), MCNICHOLS (+9.88%), LINKASSURE (+9.84%), WEMABANK (+9.82%), and 32 additional advancing equities.
Conversely, 25 stocks recorded losses. ETI and INTBREW led the laggards, each shedding 10% of their share price. Other notable losers included CADBURY (-9.80%), DANGSUGAR (-5.77%), AFRIPRUD (-4.49%), GTCO (-3.54%), and VERITASKAP (-0.89%).
At the close of trading, the market breadth remained positive with 39 gainers versus 25 decliners.
Sectoral performance was also mixed. The insurance sector advanced by 0.87%, while the oil and gas sector edged higher by 0.04%. The industrial sector posted a marginal gain of 0.01%. In contrast, the consumer goods and banking sectors dipped by 1.98% and 1.46%, respectively.
By the end of the session, the NGX’s overall market capitalisation fell by ₦81.29 billion, closing at ₦66.50 trillion.
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