Nigeria’s equities market took a hit on Wednesday, shedding N479 billion in market capitalization as profit-taking swept through major stocks, led by PZ Cussons Nigeria Plc and 36 other decliners.
The Nigerian Exchange Limited’s All-Share Index fell by 874.00 points, or 0.35%, closing at 246,686.66 basis points. This pullback dragged the month-to-date return down to -1.5%, while the year-to-date gain narrowed to 58.5%.
Market breadth was decidedly negative, with 37 stocks losing ground against just 14 gainers. On the upside, International Energy Insurance led the pack, surging 9.86% to close at N5.46 per share. Trans-Nationwide Express followed with a 7.14% gain to N5.10, while Neimeth International Pharmaceuticals climbed 6.80% to N11.00. Living Trust Mortgage Bank added 5.00% to N4.20, and Abbey Mortgage Bank rose 4.44% to N7.05.
But the losers’ list told a different story. PZ Cussons Nigeria and CWG both hit the 10% loss limit, closing at N88.20 and N21.60 respectively. Associated Bus Company dropped 9.95% to N6.88, Wema Bank fell 9.09% to N30.00, and Sovereign Trust Insurance declined 8.16% to N2.70.
Trading activity slumped as total volume plunged 47.9% to 587.64 million units, valued at N23.06 billion, across 63,954 deals. Access Holdings topped the activity chart with 113.096 million shares worth N2.707 billion. Zenith Bank followed with 38.091 million shares valued at N4.806 billion, while Consolidated Hallmark Holdings traded 35.433 million shares worth N243.429 million. Neimeth International Pharmaceuticals saw 28.834 million shares change hands for N298.761 million, and Sterling Financial Holdings Company moved 28.208 million shares valued at N220.099 million.
Analysts at Cowry Assets Management Limited expect market sentiment to remain mixed in the next trading session as investors weigh profit-taking opportunities against lingering bullish momentum.
