Trading on the Nigerian Exchange (NGX) closed lower on Wednesday as the All-Share Index (ASI) slipped by 0.05%, reflecting a dip in overall investor confidence despite the debut listing of the Nigeria Infrastructure Debt Fund (NIDF).
The session ended on a slightly bearish note, with a mixed performance across key indicators. The benchmark ASI weakened by 0.05% due to cautious positioning from investors, while the total market capitalisation fell simultaneously by 0.04%.
Analysts attributed the disconnect in indicator movement to the listing of Chapel Hill Denham Management Limited’s Series 11 Nigeria Infrastructure Debt Fund, comprising 140,100,000 units priced at N100 each but listed at N109.50. The listing adjustment affected market metrics throughout Wednesday’s session.
At the close of trading, the ASI dipped by 78.29 basis points to settle at 146,862.00, while market capitalisation dropped by N33.81 billion to close at N93.62 trillion, representing a 0.04% loss.
Despite a favourable breadth, the downturn was mainly driven by profit-taking across select large and medium-cap stocks spanning multiple sectors, according to an investor note issued by Atlass Portfolio Limited.
Trading activity weakened significantly, with total market volume and value falling by 62.15% and 58.90%, respectively. Data from the NGX showed that 747.09 million units worth N12.43 billion were exchanged in 19,161 deals.
CUTIX led activity by volume, accounting for 16.50% of total trades, followed by FCMB (10.83%), CONHALLPLC (9.56%), FIDELITYBK (8.57%), and TANTALIZER (7.76%).
GTCO dominated the value chart, contributing 22.13% of the total value traded on the exchange.
On the gainers’ table, JAPAULGOLD led with a 10.00% rise, followed closely by PRESTIGE (+9.40%), MECURE (+7.72%), TIP (+7.30%), CONHALLPLC (+6.97%), IKEJAHOTEL (+6.58%), among 22 other advancing stocks.
In contrast, 23 equities closed lower. CHAMS and HMCALL topped the laggards after each recorded a 10.00% and 8.88% loss respectively, followed by UACN (-8.18%), SUNUASSUR (-6.98%), LINKASSURE (-4.35%), and CORNERST (-3.67%).
Overall market breadth remained positive with 28 gainers and 23 losers. Sectoral performance, however, leaned bearish: the Insurance index fell by 0.39%, Consumer Goods declined 0.14%, Oil & Gas slipped 0.08%, and Banking eased 0.04%. The Industrial and Commodity segments ended flat.
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