The Nigerian equities market extended its decline on Wednesday, with investors losing N1.672 trillion in market value as selling pressure continued across major stocks.
The All-Share Index fell by 2,579.01 points, representing a 1.05 per cent decline, to close at 242,223.10 points. Similarly, the overall market capitalisation dropped by N1.672 trillion to close at N157.050 trillion.
The decline marked the second consecutive bearish session for the market and reduced its year-to-date, YtD, return to 55.66 per cent.
Selling pressure was broad-based, with major consumer and industrial stocks contributing to the market’s weakness. Market breadth remained firmly negative, with 44 stocks recording losses compared with 11 gainers.
Champion Breweries led the gainers, rising by 9.90 per cent. VFD Group followed with a 9.52 per cent increase, while UPDC gained 5.88 per cent. Ikeja Hotel also rose by 4.58 per cent, while Cutix advanced by 3.06 per cent.
On the losing side, Secure Electronic Technology, BUA Cement, FTN Cocoa Processors, Zichis Agro-Allied Industries, McNichols and Omatek Ventures each recorded a 10.00 per cent decline.
Trading activity also weakened during the session. Total traded volume dropped by 29.0 per cent to 534.45 million units from 753.17 million units recorded previously, while transaction value fell by 19.9 per cent to N22.28 billion from N27.82 billion.
The number of deals also declined by 13.2 per cent to 46,943 transactions from 54,051, pointing to reduced investor participation and weaker market engagement.
Analysts said the session was largely characterised by bearish sentiment and declining trading activity, as continued selling pressure pushed the equities market further into negative territory.
Source: Nigerian Exchange market data
