The Nigerian equities market ended in the red on Wednesday as profit-taking activities in mid and large-cap stocks dragged the market performance indices lower by 0.15 per cent.
Data from the Nigerian Exchange (NGX) showed that the market capitalisation declined by N135 billion, settling at N89.063 trillion compared with Tuesday’s N89.198 trillion. Similarly, the All-Share Index dropped by 213.50 points to close at 140,716.10.
The day’s trading session recorded 29 losers against 23 gainers, reflecting a negative market breadth. Top decliners included Deap Capital Management, which dipped 9.42 per cent to close at N1.73; Legend Internet, which lost 9.26 per cent to end at N4.90; and RT Briscoe, which shed 8.16 per cent to close at N3.60. WAPIC Insurance and May & Baker also recorded losses of 8.75 per cent and 7.14 per cent, closing at N2.92 and N16.25 per share, respectively.
On the other hand, Dangote Sugar topped the gainers’ chart, appreciating by 10 per cent to N59.40 per share. Mecure Industries rose by 9.95 per cent to N23.75, while Cornerstone Insurance gained 8 per cent to close at N6.48. Secure Electronic Technology and UPDC also advanced by 8 per cent and 5 per cent, finishing at 81k and N7.35 per share, respectively.
Market activity analysis showed declines in deals, volume, and value. A total of 442.6 million shares worth N16.9 billion were exchanged in 21,684 transactions, compared with 759.1 million shares valued at N25.7 billion traded in 23,657 deals on Tuesday.
Zenith Bank dominated both volume and value with 68.9 million shares worth N4.8 billion. Access Corporation followed with 47.3 million shares valued at N1.2 billion, while FirstHoldCo recorded 46.1 million shares worth N1.4 billion. Fidelity Bank traded 42.3 million shares valued at N868 million, while GTCO transacted 22.9 million shares worth N2.1 billion.
