The Nigerian Exchange (NGX) extended its bearish streak on Wednesday as equities investors lost N663 billion in market value due to sustained sell pressure. At the close of trading, market capitalisation fell to N89.6 trillion from N90.3 trillion, while the All-Share Index dropped by 1,047.19 points (0.73%) to settle at 141,566.28 points. Despite the slump, the market has maintained a year-to-date growth of 37.54%, though recording a one-week loss of 2.95%.
Trading activity slowed significantly, with investors exchanging 721.79 million shares worth N12.93 billion in 28,728 deals—representing a 30% decline in volume, 27% in value, and 16% in deals compared to the previous session. Out of 129 traded equities, only 18 recorded gains while 51 closed lower, reflecting the prevailing negative sentiment.
Among the top gainers, Austin Laz & Company rose 10% to close at N2.64, followed by Champion Breweries(+9.97% to N19.74), NCR Nigeria (+9.77% to N9.55), and Multiverse Mining & Exploration (+8.82% to N11.10). On the losers’ chart, Conoil and Guinness Nigeria both dropped 9.98%, closing at N211.10 and N140.20 per share respectively. Consolidated Hallmark Holdings and Royal Exchange also slumped by over 9%.
Champion Breweries led market activity by volume with 54.5 million traded shares, followed by Universal Insurance (47.8m), Royal Exchange (46.2m), and Regency Alliance Insurance (40.8m). By value, Zenith Bank topped with N1.26 billion, trailed by MTN Nigeria (N1.25bn), Champion Breweries (N988.3m), GTCO (N941.9m), and Stanbic IBTC (N773m). Sectoral performance was broadly negative as the Top 30 Index and Pension Index fell, though the Premium Index and Oil & Gas Index posted slight gains.
Market analysts attributed the bearish run to profit-taking after recent rallies and lingering economic uncertaintiesweighing on investor confidence. Financial expert Olaid Baanu noted that the downturn was expected after strong gains between May and July, adding that the correction could open fresh entry points for long-term investors.
Source: Punch