The Nigerian equity market recorded a significant loss of N930.62bn at the close of trading on Wednesday, marking the third consecutive decline this week. The All-Share Index dropped by 1.47 percent to 102,095.95 points, contributing to a 2.05 percent loss over the past week and a year-to-date decline of 0.81 percent. The week has seen a cumulative market capitalization drop of over N2tn, with trading volumes and turnover declining by 16 percent and 41 percent, respectively.
Market performance was mixed, with gains led by National Salt Company and Dangote Sugar Refinery, both up 10 per cent. However, heavy losses in highly capitalised stocks like Dangote Cement, which declined by 10 per cent, dragged the market down significantly. Analysts pointed to possible post-holiday liquidity pressures and slowing momentum in the insurance sector as contributing factors.
Sector indices revealed varied performance, with Consumer Goods and Oil & Gas registering modest gains, while the Top 30 and Pension indices suffered declines. Broker David Adonri attributed the market’s downturn to the steep decline in Dangote Cement, emphasizing the outsized impact of highly capitalised stocks. Despite these challenges, he noted no major macroeconomic changes to justify the losses, suggesting investor repositioning and market fatigue as likely causes.