The Nigerian Exchange (NGX) closed in negative territory on Wednesday as sustained selloffs erased ₦135.13 billion in market value, extending the bearish momentum that has gripped equities in recent sessions.
The All-Share Index (ASI) dropped by 0.2% to settle at 140,716.10 points, with losses in major stocks such as MTN Nigeria (-4.8%), Jaiz Bank (-4.4%), and Wapic Insurance (-8.8%) contributing significantly to the decline. The year-to-date return on the NGX slipped further to 36.72% as investors engaged in profit-taking ahead of third-quarter earnings releases.
Market activity was mixed, with trading volume falling by 6.16% to 431 million units while the total value of trades climbed to ₦16 billion across 20,849 deals. Zenith Bank led both the volume and value charts, accounting for 68 million shares and ₦4.7 billion worth of transactions.
Investor sentiment tilted bearish, with 28 equities closing lower against 23 gainers, translating into a negative market breadth of 0.8x. Deap Capital (-9.4%) and Legend Int’l (-9.3%) led the day’s laggards, while Dangote Sugar (+10.0%) and Mecure (+10.0%) topped the gainers’ chart.
Sectoral performance was mixed. Banking stocks advanced by 1.29%, followed by Consumer Goods (+0.55%) and Industrial Goods (+0.25%). However, Insurance declined by 0.25%, Oil & Gas shed 0.05%, while the Commodities sector closed flat.
Further breakdown showed weaker market activity compared to previous sessions, with total transaction value dropping by 34.04% to ₦16.97 billion, while the number of deals slipped by 8.34% to 21,684.
At the close of trading, the overall market capitalization dropped to ₦89.06 trillion, representing a decline of ₦135.13 billion.
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