The Nigerian equities market experienced a decline on Wednesday, with investors losing N324 billion due to persistent sell pressure. The market capitalisation dropped by 0.36 per cent, from N89.696 trillion to N89.372 trillion. Similarly, the All-Share Index fell by 0.36 per cent, or 512.60 points, to close at 141,248.76, compared to the previous day’s closing of 141,761.36.
The downturn was driven by losses in 40 stocks, including Cornerstone Insurance, RT Briscoe, ABC Transport, NGX Group, and Mutual Benefits. Cornerstone Insurance and RT Briscoe led the losers, with each declining by 10 per cent to close at N6.39 and N3.06 per share, respectively. ABC Transport followed, shedding 9.80 per cent to settle at N4.51, while NGX Group fell by 9.70 per cent to finish at N53.55 per share. Mutual Benefits also declined, losing 9.58 per cent to end the session at N4.06 per share.
On the other hand, 17 stocks recorded gains, with Deap Capital Management leading the gainers’ table by 4.82 per cent, closing at N1.74. Legend Internet rose by 4.63 per cent, finishing at N5.65 per share. Africa Prudential gained by 3.13 per cent, closing at N16.50 per share.
The market activity revealed an increase in market volume and value, with a decline in market transactions. A total of 682.9 million shares worth N22.2 billion were traded across 28,695 transactions, compared to 605.02 million shares valued at N12.89 billion that were exchanged across 28,845 transactions on Tuesday. FCMB Group led the activity chart in volume, with 108.5 million shares valued at N1.19 billion, marking the third consecutive trading session where the company has led the market activity in volume.
The decline in the Nigerian equities market is a significant development, as it reflects the current state of investor sentiment. The increase in market volume and value, despite the decline in transactions, suggests that investors are still actively engaged in the market. However, the persistent sell pressure and losses in key stocks are likely to have a negative impact on investor confidence. As the market continues to evolve, it is essential to monitor the trends and developments that shape the Nigerian equities market.
