Investors on the Nigerian Exchange Limited lost a combined N2.932 trillion across Tuesday and Wednesday as the equities market extended a bearish run that erased significant portfolio value in just two sessions.
Market data showed the decline accelerated on Wednesday, with investors shedding N1.762 trillion following a N1.17 trillion loss recorded the previous day. The successive sell-offs pushed market capitalisation down 1.12 per cent to N157.493 trillion from N159.255 trillion on Tuesday. The All-Share Index mirrored the drop, falling 2,756.48 points, or 1.12 per cent, to close at 243,967.09 compared with 246,723.57 in the previous session. As a result, the market’s year-to-date return moderated to 56.78 per cent.
Wednesday’s downturn was driven by losses in heavyweight stocks including BUA Foods, Unilever, John Holt, AVA Capital and Austinlaz. On Tuesday, Wyatt, AVA Capital, International Energy Insurance and International Breweries had led the losers’ chart.
Despite the broad decline, market breadth closed flat with an even split of 28 gainers and 28 losers. International Energy Insurance topped the gainers’ list with a 10 per cent increase to N4.40 per share. Ecobank Transnational Incorporated followed with a 9.93 per cent gain to N6.45, while Trans-Nationwide Express advanced 9.77 per cent to close at 21 kobo per share.
Trading activity weakened significantly during Wednesday’s session. Total volume Traded declined 62.78 per cent to 1.46 billion shares, valued at N20.94 billion across 39,085 transactions. Fortis Global Insurance dominated volume, recording 853.16 million shares and accounting for 58.63 per cent of the day’s total. First Holding Company led in value terms, with transactions worth N3.90 billion representing 18.61 per cent of total value traded.
The two-day rout underscores heightened profit-taking pressure after sustained gains earlier in the year, with market participants closely watching whether support levels hold in coming sessions.
