The bullish run in the Nigerian equities market came to a halt on Wednesday, as investors lost N324 billion at the close of trading.
The downturn was driven largely by losses in the share prices of Cornerstone Insurance Plc, RT Briscoe, and Associated Bus Company, among others.
According to figures released by the Nigerian Exchange (NGX), the All-Share Index (ASI) dropped to 141,248.76 points from 141,761.36 points recorded on Tuesday. Market capitalisation also fell to N89.3 trillion from N89.6 trillion, wiping off N324 billion in value.
Market Performance
The trading session ended with a negative market breadth:
- 17 stocks gained,
- 40 stocks declined, and
- 80 remained unchanged, across 28,695 deals.
Top gainers included:
- Deap Capital Management & Trust – up 4.82% to close at N1.74 per share,
- Legend Internet – up 4.63% to close at N5.65,
- Honeywell Flour Plc – up 4.17% to settle at N22.50.
On the flip side, Cornerstone Insurance Plc and RT Briscoe both dropped 10%, closing at N6.39 and N3.06 respectively. Associated Bus Company also shed 9.80% to end at N4.51.
Trading Volume & Value
- First City Monument Bank Plc (FCMB) led the volume chart with 108 million shares traded in 540 deals.
- Sterling Bank Plc followed with 86 million shares in 400 deals, while Cutix Plc posted 45 million shares across 623 deals.
On the value index:
- Aradel Holdings topped with N4.0 billion worth of trades in 370 deals.
- Seplat Petroleum Development Company followed at N2.6 billion across 158 deals.
- Nestle Nigeria recorded N1.2 billion in 116 deals.
Outlook
Market analysts say the decline reflects profit-taking activities following recent rallies, with investors adjusting portfolios ahead of upcoming earnings reports.
