Trading on the Nigerian stock market concluded in negative territory this Wednesday, erasing the profits from the prior day as shareholders faced a collective decline of N648 billion. This downward trend countered Tuesday’s N481 billion increase, as persistent selling pressure pulled major market metrics downward.
Market capitalization dropped by 0.41 percent, settling at N159.344 trillion compared to the N159.992 trillion seen previously. The All-Share Index mirrored this movement, losing 1,004.38 points to close at 246,980.17. Consequently, the year-to-date return adjusted to 58.71 percent.
Bearish sentiment dominated the floor, with 45 equities dropping in value compared to 23 that moved higher. Cornerstone Insurance and Legend Internet both slid by 10 percent, leading the list of decliners. Other notable drops included The Initiates Plc, Guinea Insurance, and ABC Transport. Conversely, Lasaco Assurance led the winners with a 10 percent rise, followed by strong performances from Coronation Infrastructure Fund and NEM Insurance.
Trading activity showed resilience, as volume climbed by 12.11 percent to reach 758.87 million shares worth N33.79 billion across 55,251 transactions. FCMB saw the highest trading volume, while First Holdco commanded the largest share of total transaction value. This sharp reversal underscores the ongoing volatility within the Nigerian equities market.
