The Nigerian stock market experienced a downturn on Wednesday, with market capitalisation dropping by N70 billion. This decline was attributed to sustained sell pressure in 27 stocks, leading the All-Share Index (ASI) to fall by 111.37 points or 0.10 per cent, closing at 109,619.10. Market capitalisation similarly slipped to N68.896 trillion. Major decliners included large and mid-cap stocks such as Oando, Access Holdings, Unilever Nigeria, Champion Breweries, and Lafarge Africa.
Analysts offered a mixed outlook on the market’s trajectory. Afrinvest Limited expressed optimism, suggesting a rebound is likely given improving investor sentiment—provided there are no external shocks. Vetiva Dealings and Brokerage, however, warned of ongoing market fragility. They highlighted the need for sustained performance in consumer goods to counterbalance weakness in the banking and oil & gas sectors.
Despite the overall decline, investor sentiment remained positive as market breadth ended on a high note. A total of 29 stocks recorded gains, outpacing the 27 decliners. RT Briscoe Nigeria led the gainers with a 10 per cent rise, followed closely by Eunisell Interlinked, Livestock Feeds, Linkage Assurance, and Meyer. Conversely, Champion Breweries and Lasaco Assurance topped the losers’ chart, each shedding 10 per cent of their value.
The volume of trades saw a notable increase, rising by 33.6 per cent to 664.159 million units. These trades were valued at N12.996 billion across 19,439 deals. Japaul Gold & Ventures led the volume chart with over 90 million shares exchanged, while Tantalizer and Fidelity Bank also posted high trading activity, highlighting ongoing investor interest in select equities.
Other notable trades included Nigerian Breweries, which moved over 52 million shares valued at more than N3 billion, and Custodian Investment with 36 million shares worth N719 million. The trading session underscored the market’s continued volatility, with mixed investor reactions and heightened selectivity driving fluctuations in stock values.
Source: The Guardian