Investors Lose N7.85bn as ASI Trades Flat Amid Mixed Sentiment

The Nigerian Exchange (NGX) closed Wednesday’s session on a cautious note, with investors losing ₦7.85 billion in market value as the All-Share Index (ASI) dipped marginally by 1 basis point to 166,267.60 points. Market capitalisation settled at ₦106.44 trillion, leaving the year-to-date return unchanged at 6.85 per cent.

Trading was marked by mixed sentiment. While 54 equities advanced against 24 decliners, profit-taking in select counters weighed on the market. ETI slumped 6.00 per cent, CHAMPION dropped 9.31 per cent, and OANDO shed 2.51 per cent.

These losses eroded gains from JAIZBANK, which rallied 9.99 per cent, JBERGER, which rose 8.33 per cent, and WAPCO, which added 0.57 per cent. MCNICHOLS led the gainers with a 10.00 per cent jump, while UPCREDIT topped the losers with an 8.40 per cent decline.

Activity levels improved overall. Transaction volume rose 6.75 per cent to 822.74 million units, while transaction value surged 26.70 per cent to ₦24.93 billion. However, deal count slipped 4.10 percent to 43,548 transactions, reflecting a more cautious trading mood. NSLTECH, down 6.78 per cent, dominated the volume chart with 54.80 million shares traded, while STANBIC, up 0.93 per cent, led the value chart with ₦2.78 billion worth of trades.

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Sectoral performance was uneven. The industrial goods index gained 0.09 per cent, supported by renewed interest in cement and building materials, while consumer goods added 0.03 per cent.

Conversely, insurance stocks slumped 1.0 per cent, oil and gas fell 0.94 per cent, commodities declined 0.42 per cent, and banking slipped 0.27 per cent as investors pared exposure to tier-one lenders.

On the NASD over-the-counter market, sentiment was also bearish. The NASD Securities Index (NSI) fell 0.14 per cent to 3,651.13 points, with market capitalisation declining to ₦2.18 trillion.

Despite the drop, trading participation strengthened, with transaction volume rising 71.96 per cent and transaction value climbing 74.51 per cent. SDFOODCPT gained 8.3 per cent to lead the advancers, while SDCSCSPLC slipped 2.37 per cent to emerge as the top decliner.

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Market watchers noted that the early rally lost steam as traders reassessed where additional value could be created.

Analysts said the ₦7.85 billion loss reflects cautious repositioning ahead of the fourth-quarter 2025 earnings season, with profit-taking in high-performing stocks offset by bargain hunting in dividend aristocrats and companies with strong fundamentals.

Despite the muted headline performance, analysts believe the resilience of the index signals underlying confidence in the market. With 54 stocks posting gains, the breadth of the rally suggests investors are positioning for long-term opportunities even as short-term volatility persists.