Equity investors lost about ₦2 trillion in just two trading days as the Nigerian Exchange (NGX) reversed the bullish momentum that had driven market indicators upward. The market closed negative on Wednesday, weighed down by profit-taking in recently appreciated stocks.
Data from the NGX showed that the All-Share Index (ASI) fell by 955.76 points, or 0.73%, to close at 141,566.30, while the year-to-date return further moderated amid sustained sell pressure. Market capitalisation dipped by ₦662.50 billion to settle at ₦89.56 trillion.
Stockbrokers attributed the downturn to selloffs in GUINNESS, CONOIL, TRANSCORP, and STANBIC, among others. In total, 50 stocks recorded losses, with the insurance sector leading the decline.
Trading activity also weakened as the total volume and value of deals fell by 29.37% and 25.79%, respectively. About 721.82 million units valued at ₦12.94 billion were exchanged in 28,745 deals. In terms of volume, CHAMPION led with 7.58% of total trades, followed by UNIVINSURE (6.65%), ROYALEX (6.42%), REGALINS (5.67%), and AIICO (5.46%). ZENITHBANK topped in value terms, accounting for 9.86% of all trades.
AUSTINLAZ led the gainers’ chart with a 10% increase, trailed by CHAMPION (+9.97%), NCR (+9.77%), MULTIVERSE (+8.82%), and ENAMELWA (+8.64%). However, GUINNESS and CONOIL shed -9.98% each to top the losers’ chart, alongside CONHALLPLC (-9.94%), ELLAHLAKES (-9.81%), INTBREW (-9.75%), VERITASKAP (-6.98%), and TRANSCORP (-5.72%).
Market breadth closed negative, with 18 gainers against 50 losers. Sectoral performance mirrored the weak sentiment: the insurance sector slumped by -7.20%, consumer goods fell -1.90%, banking lost -1.22%, and industrial goods slipped -0.01%. Oil and gas was the lone bright spot, posting a marginal gain of +0.11%.
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