The Nigerian equities market snapped a recent winning streak on Wednesday, shedding N444 billion in investor wealth as profit-taking and renewed selling pressure dominated trading.
The benchmark All-Share Index (ASI) closed lower by 698.56 points, or 0.49%, at 143,064.57, while total market capitalisation declined to N90.996 trillion. The session dragged the year-to-date return down to 39.00%.
Heavy selloffsatility in mid- and small-cap stocks, particularly in the consumer goods and real estate segments, drove the downturn. Learn Africa led the decliners with a maximum 10% drop to N5.22, followed closely by Cadbury Nigeria, which fell 9.92% to N53.10. Meyer Plc lost 9.91% to close at N14.55, while UPDC and International Breweries shed 8.83% and 8.33% respectively to finish at N5.47 and N11 per share.
A total of 27 stocks ended in the red against 29 that posted gains, giving the market a slightly positive breadth despite the overall loss in value.
Among the advancers, AIICO Insurance topped the list with a 10% rise to N3.52, while NCR Nigeria climbed 9.96% to N49.70. Ikeja Hotel jumped 9.41% to N25, Prestige Assurance added 7.38% to N1.60, and Sterling Financial Holdings advanced 6.85% to N7.80.
Trading activity strengthened significantly compared to the previous session. Investors exchanged 738.35 million shares valued at N35.5 billion in 19,919 deals, representing a sharp increase from Tuesday’s 556.2 million units worth N18.7 billion across 19,500 transactions.
Guaranty Trust Holding Company (GTCO) remained the most active stock by both volume and value, with 134.12 million shares worth N11.57 billion changing hands.
Market analysts attributed Wednesday’s pullback to normal profit-taking after weeks of sustained gains, noting that the improved turnover suggests underlying investor interest remains healthy even as some participants locked in recent profits.
