Nigerian stocks lost about N41 billion in market value on Wednesday as sell-offs in major large- and medium-capitalised companies pulled the Nigerian Exchange Limited (NGX) slightly lower, despite stronger participation from gainers across the market.
The NGX All-Share Index (ASI) fell by 63.46 points, or 0.03%, to 246,019.17 points, compared with 246,082.63 points recorded in the previous session. As a result, overall market capitalisation dropped from the previous level to N158.915 trillion. Interestingly, market breadth remained positive, with 33 stocks gaining against 29 decliners, showing that buying interest was still present despite the decline.
The biggest pressure came from NASCON Allied Industries and Beta Glass, which both recorded sharp losses. NASCON fell 10% to N175.50, while Beta Glass declined 9.99% to N506.60. Academy Press, CWG and Learn Africa also featured among the major losers, falling 9.76%, 9.35% and 9.20%, respectively. Losses in Stanbic IBTC Holdings and Access Holdings further weighed on the market.
On the other side of the market, some stocks delivered strong gains. Tripple Gee & Company led the gainers, rising 10% to N2.86, followed by Sovereign Trust Insurance, which gained 9.71% to N2.26. Oando climbed 9.43% to N38.30, while McNichols and NEM Insurance advanced 9.09% and 7.99%, respectively. Trading activity, however, weakened significantly, with total volume falling 34.47% to 426.84 million shares, valued at N28.438 billion across 41,475 deals. Access Holdings led trading by volume with 33.22 million shares, followed by Stanbic IBTC Holdings with 28.74 million shares.
Despite Wednesday’s mild decline, the broader outlook remains relatively positive. Market sentiment continues to receive support from improved investor confidence following the FTSE Russell reclassification confirmation, according to Cowry Assets Management Limited. For investors, the performance of major large-cap stocks could be crucial in determining whether the NGX regains its upward momentum in the next trading sessions.
source: nairametrics
