The Nigerian Exchange (NGX) suffered a major setback on Wednesday, losing over N185 billion in market value as selloffs hit major stocks like MTN Nigeria (MTNN), Dangote Sugar Refinery (DANGSUGAR), and Honeywell Flour Mills (HONYFLOUR).
The All-Share Index, which tracks market performance, dropped by 301.86 points to close at 102,836.13, marking a 0.29% decline. The selloffs were fueled by profit-taking and cautious investor behavior ahead of fourth-quarter earnings reports.
Despite the overall decline, trading activity showed mixed results. The total volume of shares traded dropped by 10.33%, but the value of transactions rose by 26.61%, amounting to N15.16 billion across 10,766 deals. ACCESSCORP led in trading volume, accounting for 23.4% of the total shares traded.
Among the day’s gainers, SCOA topped the list with a 10% increase, followed by CADBURY (+9.65%) and NSLTECH (+9.59%). On the other hand, MULTIVERSE saw the steepest loss, dropping 9.87%, with other notable losers including MTNN (-3.63%), DANGSUGAR (-2.73%), and HONYFLOUR (-4.74%).
Sector performance painted a gloomy picture, with four out of five major indices in the red. The Insurance sector was the hardest hit (-0.91%), followed by Consumer Goods (-0.26%), Industrial Goods (-0.18%), and Oil & Gas (-0.11%). Only the Banking sector bucked the trend, rising by 0.61%.
In total, the NGX market capitalization fell to N63.15 trillion, underscoring the day’s bearish sentiment.
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