A wave of sell-offs triggered by renewed inflationary concerns led to a sharp decline on the Nigerian Exchange (NGX) on Wednesday, wiping off N445 billion from investors’ holdings.
The downturn came in the wake of Nigeria’s updated consumer price index, which showed an uptick to 24.2%, following two months of deceleration in inflation. The latest inflation data has reignited bearish sentiment in a market already under pressure from persistent selloffs, declining year-to-date performance, and retreating benchmark indicators.
Wednesday’s trading ended with key metrics in the red. The NGX All-Share Index and overall market capitalization both fell by 0.68%, erasing gains recorded in the previous session. The market benchmark, the All-Share Index, dipped by 708.14 points to close at 103,851.88.
Although market breadth was positive, the session closed with a significant drop in investor value. Market turnover showed mixed trends, with total trading volume decreasing by 4.64%, while the total transaction value rose by 26.12%.
According to Atlass Portfolios Limited, around 351.66 million shares worth ₦13.71 billion were exchanged across 12,141 deals.
ACCESSCORP led the volume chart, accounting for 19.57% of total shares traded. Other leading stocks by volume included GTCO (10.55%), FCMB (8.25%), UBA (7.57%), and CHAMS (7.06%).
In value terms, GEREGU dominated, contributing 37.53% of the total value of traded equities.
ABBEYBDS emerged as the top gainer with a 9.99% appreciation in share price. Other notable gainers included SOVRENINS (+7.69%), NGXGROUP (+7.30%), FIDELITYBK (+6.74%), DEAPCAP (+6.67%), and ELLAHLAKES (+6.62%).
Conversely, IMG topped the losers’ list, shedding 10.00% in value. Other major decliners included DAARCOMM (-7.94%), CUSTODIAN (-5.62%), CHAMS (-4.76%), ZENITHBANK (-3.93%), and GTCO (-1.58%).
At the end of the trading session, market breadth remained in positive territory, recording 25 gainers against 19 losers.
Sectoral performance was mixed. The insurance and consumer goods indices posted gains of 0.80% and 0.34% respectively, while the banking sector plunged by 4.67% and the Oil & Gas sector edged lower by 0.05%. The industrial goods sector remained unchanged.
Ultimately, the market capitalization of the Nigerian Exchange fell to ₦65.26 trillion, marking a loss of ₦445 billion for the day.
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