The Nigerian stock market closed sharply in the red on Wednesday, erasing the gains recorded the previous day and leaving investors with a combined loss of N648 billion. The fall reversed the N481 billion rise posted on Tuesday, as sustained sell‑offs pushed key market indicators lower.
Market capitalization fell by N648 billion, a 0.41 percent decline, to close at N159.344 trillion from N159.992 trillion the day before. The All‑Share Index (ASI) shed 1,004.38 points, a 0.41 percent drop, settling at 246,980.17 compared with 247,984.55 on Tuesday. Consequently, the market’s year‑to‑date return moderated to 58.71 percent.
Breadth of the market remained negative, with 45 stocks posting losses against 23 gainers, underscoring the prevailing bearish sentiment. On the losers’ list, Cornerstone Insurance and Legend Internet led the decline, each falling 10 percent to close at N5.40 and N4.05 per share respectively. Initiates Plc slipped 9.91 percent to N30 per share, Guinea Insurance lost 9.78 percent to close at 83 kobo, and ABC Transport fell 9.45 percent to N5.75 per share.
Among the gainers, Lasaco Assurance emerged as the top performer, advancing 10 percent to N2.42 per share. Coronation Infrastructure Fund followed with a 9.98 percent gain to N154.30, while NEM Insurance appreciated 9.97 percent to finish at N34.20 per share.
Despite the negative market performance, trading activity improved during the session. Total trading volume rose 12.11 percent to 758.87 million shares, valued at N33.79 billion, exchanged in 55,251 deals. FCMB dominated the volume chart with 92.44 million shares Traded, representing 12.18 percent of the total volume. First Holdco led the value chart with transactions worth N8.77 billion, accounting for 25.94 percent of the total value traded.
The decline comes a day after the Nigerian Exchange recorded a N481 billion gain, highlighting the continued volatility in the equities market. The market’s performance underscores the sensitivity of Nigerian investors to global and domestic economic signals, and the importance of liquidity and diversification in navigating the current environment.
