Nigerian Stock Market Dips Further as Investors Lose N216bn — Market Capitalisation Falls Again
The Nigerian stock market extended its bearish run on Wednesday as investors lost an additional N216bn, deepening concerns over persistent negative sentiment in the local bourse. The downturn was driven largely by selloffs in key mid- and low-cap stocks, which pushed the market further into the red.
Market data shows that the market capitalisation fell by 0.23 per cent, dropping from N92.218 trillion to N92.002 trillion at the close of trading. The All-Share Index (ASI) also mirrored the decline, shedding 340.50 points to close at 144,646.01, compared to 144,986.51 recorded on Tuesday. As a result, the market’s year-to-date return slipped to 40.53 per cent, reflecting a cooling off after a period of earlier gains.
A broad selloff defined the day’s session as 39 stocks declined against just 17 gainers, signalling weak investor confidence. Universal Insurance led the losers’ chart with a 10 per cent dip to N1.17, followed closely by ABC Transport, Livingtrust Mortgage Bank, Chellaram and Royal Exchange, all of which posted sharp losses ranging from 9.76 to 9.95 per cent. These declines underscored the widespread pressure on equities across sectors.
However, not all counters closed negative. Some stocks recorded notable gains, with FG162049S2 climbing 10.53 per cent to top the gainers’ list. NCR Nigeria, Caverton Offshore, UAC of Nigeria, and Mutual Benefits Assurance also posted strong recoveries, rising between 7.69 and 9.85 per cent and bringing a bit of balance to an otherwise gloomy session.
Trading activity was mixed, reflecting cautious investor participation. While deals and total value dipped, trading volume surged significantly. A total of 892.5 million shares valued at N23.5bn were exchanged across 20,225 transactions, compared to the previous session’s 381.23 million shares worth N16.7bn. Access Corporation dominated the day, leading both in volume and value with 488.36 million shares traded, amounting to N10.57bn.
source: Punch