The Nigerian Stock Market (NGX) experienced a setback on Wednesday, reversing the gains recorded the previous trading session as investor sentiment turned bearish. Market capitalisation contracted by approximately N70 billion, reflecting renewed caution among market participants.
At the close of trading, the All-Share Index (ASI) fell by 111.37 points, representing a 0.1% slide to 109,619.10 points. The dip dragged the total market capitalisation down from N69 trillion to N68.9 trillion, marking a noticeable decline in overall market value.
Interestingly, trading activity saw an uptick as investors exchanged 664.16 million shares valued at N13 billion across 19,439 transactions. While this represents a 34% increase in traded volume, the market’s turnover decreased by 2% compared to the previous day.
Despite the negative close, the market breadth leaned slightly positive, with 29 stocks advancing while 28 declined. Meanwhile, 67 equities ended the session unchanged.
Among the top gainers was RT Briscoe Nigeria Plc, which surged by 10% to finish at N2.09 per share. Eunisell Interlinked Plc rose by 9.75% to N12.95, Livestock Feeds Plc climbed 9.61% to N8.90, and Linkage Assurance Plc appreciated 9.46% to N1.62. Other notable gainers included Meyer Plc with an 8.89% gain to N9.80, and Mutual Benefits Assurance Plc, which rose 8.70% to settle at N1.00.
On the losers’ chart, Champion Breweries Plc and Lasaco Assurance Plc both recorded 10% losses, closing at N7.20 and N2.52 respectively. McNichols Plc followed with a 9.45% dip to N2.30, while Multiverse Mining and Exploration Plc declined by 7.22% to N9.00. Sovereign Trust Insurance Plc and Tantalizers Plc fell by 6.80% and 6.47%, respectively.
Japaul Gold and Ventures Plc emerged as the most actively traded stock of the day, with 90 million shares changing hands. Close behind were Tantalizers Plc (82.7 million shares), Fidelity Bank Plc (67.7 million shares), and Nigerian Breweries Plc (52.2 million shares).
Sector-wise, the Insurance Index outperformed others, gaining 1.14%. The Consumer Goods Index followed with a 0.49% increase, and the Main Board Index rose slightly by 0.07%. In contrast, the Top 30 Index, Industrial Goods Index, and Pension Index dipped by 0.13%, 0.11%, and 0.15% respectively.
Despite Wednesday’s setback, the All-Share Index maintains a year-to-date return of 6.5%, supported by a 0.51% gain over the past week and a 4.66% gain over the last four weeks. The prior day’s rally had been buoyed by appreciation in stocks like Nestle Nigeria Plc, Triple Gee and Company Plc, and Regency Alliance Insurance Plc, which lifted market capitalisation by N20 billion
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