Nigeria’s stock market continued its downward trend on Wednesday, with key performance indices declining by 0.44 percent. The bearish run saw the Nigerian Exchange Ltd. (NGX) market capitalization drop by N289 billion, closing at N66.653 trillion compared to N66.942 trillion recorded on Tuesday.
Similarly, the All-Share Index fell by 468 points, settling at 106,436.48, down from 106,904.25 in the previous session. Market breadth ended negative, with 43 losers outpacing 12 gainers.
On the losers’ table, Caverton Offshore Support Group led the decline, dropping by 10 percent to close at N2.52 per share. Consolidated Hallmark Insurance followed with a 9.87 percent loss, closing at N3.56, while Eterna fell by 9.66 percent to N34.15 per share. FTN Cocoa Processors and Linkage Assurance also recorded significant losses, declining by 9.52 percent and 9.09 percent to close at N1.52 and N1.20 per share, respectively.
On the gainers’ side, Tantalizer topped the chart with a 9.64 percent increase, closing at N2.16 per share. Union Homes Real Estate Investment rose by 8.84 percent to N52.95, while Champion Breweries gained 7.69 percent to close at N4.20 per share. Computer Warehouse Group and DEAP Capital Management and Trust also advanced, recording gains of 5.70 percent and 5.56 percent to close at N8.35 and N0.95 per share, respectively.
Trading activity saw a total of 389.57 million shares worth N11.309 billion exchanged across 11,423 transactions. This represents a slight decrease from the 395.47 million shares worth N8.76 billion traded across 13,967 transactions in the previous session.
Fidelity Bank led the volume chart with 47.925 million shares worth N803 million, followed by Access Corporation, which traded 35.602 million shares valued at N853 million. United Bank for Africa recorded 29.052 million shares worth N1.019 billion, while Jaiz Bank transacted 27.019 million shares valued at N89.723 million. Zenith Bank also saw significant activity, with 21.648 million shares traded, amounting to N1.021 billion.
DAILY MENTOR reports that the sustained bearish trend reflects ongoing investor caution amid economic uncertainties, with market participants closely monitoring developments for signs of a potential rebound.