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The Nigerian stock market closed on a negative note on Wednesday, extending the profit-taking trend from prior trading sessions with a marginal loss of 0.06 per cent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) dipped by 114.41 basis points to settle at 194,370.20 basis points. Similarly, market capitalisation shed N73 billion, closing at N124.754 trillion.
The downturn was driven by losses in medium and large capitalised stocks, including Skyway Aviation Handling Company, Vitafoam Nigeria, Nigerian Exchange Group, Nigerian Aviation Handling Company (NAHCO), and Custodian Investment.
Market Sentiment Heavily Negative
Market breadth closed firmly in favour of losers, with 54 declining stocks overshadowing 22 gainers.
Top Gainers:
– Jaiz Bank led the gainers, rising by 9.95 per cent to close at N14.03 per share.
– Okomu Oil followed with a 9.93 per cent gain to close at N1,765.00.
– Trans-Nationwide Express appreciated by 9.77 per cent to close at N2.36.
– Fortis Global Insurance gained 9.72 per cent to close at 79 kobo.
– Champion Breweries rose by 5.39 per cent to close at N17.60.
Top Losers:
– ABC Transports and R.T. Briscoe led the losers’ chart, each dropping by 10 per cent to close at N6.75 and N10.35 respectively.
– Skyway Aviation Handling Company declined by 9.98 per cent to close at N139.35.
– Vitafoam Nigeria and Haldane McCall each fell by 9.93 per cent to close at N112.50 and N3.99 respectively.
Trading Activity
Total volume traded rose by 19.32 per cent to 1.376 billion units, valued at N46.198 billion, exchanged across 70,222 deals.
Most Active Stocks:
– Fortis Global Insurance topped the activity chart with 193.692 million shares valued at N152.660 million.
– Zenith Bank followed with 120.666 million shares worth N11.067 billion.
– Japaul Gold & Ventures traded 114.772 million shares valued at N406.974 million.
– Ellah Lakes recorded 98.370 million shares worth N999.219 million.
– Access Holdings sold 63.098 million shares valued at N1.685 billion.
Market Outlook
Commenting on the market’s direction, analysts at Imperial Asset Managers Limited noted that the pullback signals cautious trading ahead.
“Following today’s market pullback, we expect a cautious trading pattern tomorrow. The large number of unchanged equities suggests that many market participants are adopting a wait-and-see approach at these elevated index levels, while profit-taking in heavy-weight Banking and Insurance tickers continues to dictate the broader market’s direction,” the analysts stated.
They advised investors to tread carefully, selectively locking in profits while maintaining strategic positions in fundamentally sound, dividend-paying stocks.
