The Nigerian Exchange continued its bearish run on Wednesday as equities investors lost about N663bn in market value amid sustained sell pressure.
The capital market analysis by Punch newspaper said that at the close of trading on Wednesday, the market capitalisation of listed equities dropped to N89.6tn from N90.3tn recorded in the previous The Nigerian Exchange continued its bearish run on Wednesday as equities session.
Similarly, the All-Share Index declined by 1,047.19 points, or 0.73 per cent, to settle at 141,566.28 points. This reflected a one-week loss of 2.95 per cent, a four-week gain of 6.8 per cent, and an overall year-to-date growth of 37.54 per cent.
Market activity also slowed, as investors traded 721,787,362 shares valued at N12.93bn in 28,728 deals. This represented a 30 per cent decline in volume, a 27 per cent decline in value, and a 16 per cent drop in deals compared to Tuesday’s session.
A total of 129 equities participated in trading, ending with 18 gainers and 51 losers. Austin Laz & Company led the gainers with a 10 per cent appreciation to close at N2.64 per share, followed by Champion Breweries, which rose 9.97 per cent to N19.74. NCR Nigeria gained 9.77 per cent to N9.55, while Multiverse Mining & Exploration advanced 8.82 per cent to N11.10 per share.
On the flip side, Conoil emerged as the worst performer, shedding 9.98 per cent to close at N211.10 per share. Guinness Nigeria also fell 9.98 per cent to N140.20, while Consolidated Hallmark Holdings dropped 9.94 per cent to N4.35. Royal Exchange followed closely with a 9.92 per cent decline to N2.27 per share.
In terms of market activity, Champion Breweries recorded the highest volume with 54.5m traded shares, followed by Universal Insurance Company with 47.8m shares, Royal Exchange with 46.2m shares, and Regency Alliance Insurance with 40.8m shares. On the value chart, Zenith Bank led with transactions worth N1.26bn, trailed by MTN Nigeria at N1.25bn, Champion Breweries at N988.3m, Guaranty Trust Holding Company at N941.9m, and Stanbic IBTC Holdings at N773m.
Sectoral performance was largely negative. The Top 30 Index dipped 0.66 per cent, while the NGX Industrial Index shed 0.01 per cent. The Pension Index fell 0.83 per cent, and the NGX Main Board Index declined 1.16 per cent. However, the Premium Index managed a 0.12 per cent gain, while the NGX Oil and Gas Index appreciated slightly 0.11 per cent.
The report added that market watchers attributed the sustained bearish trend to profit-taking by investors after recent rallies, adding that uncertainties in the broader economy continued to weigh on investor sentiment.
GIK/APA