Nigerian stock market suffers N290bn loss as sell-off intensifies
BY TEMITOPE ADEBAYO
The Nigerian stock market continued its downward spiral, losing N290 billion on Wednesday as investor sentiment remained weak for the third consecutive session.
The Nigerian Exchange (NGX) All-Share Index dropped by 0.44 per cent, closing at 106,436.48, amid sustained sell-off pressure and a stronger appeal for fixed-interest securities, which detracted from equities investments.
The sell-off was broad-based, with significant losses in key stocks such as NB (-5.6 per cent), TRANSCORP (-8.2 per cent), WEMA (-8.3 per cent), DANGSUGAR (-4.17 per cent), and CAVERTON (-10 per cent). Market capitalization fell by 0.43 per cent, shedding N289.61 billion to close at N66.65 trillion, with the downturn attributed to both markets sell pressure and the recent listing of 1,104,386,890 shares from Ellah Lakes Plc’s debt-to-equity conversion.
Despite mixed trading activity, with a 1.49 per cent decline in trading volume but a 29.05 per cent increase in value, the broader market sentiment remained subdued.
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A total of 389.57 million units valued at N11.31 billion were traded across 11,427 deals. FIDELITYBK led the volume chart, contributing 12.33 per cent of the total market volume, while OKOMUOIL topped in value, accounting for 22.48 per cent of the total transaction value.
The market breadth closed negative, with 42 stocks declining against 11 gainers. The insurance sector led the declines with a 3.88 per cent drop, followed by consumer goods (-1.51 per cent), banking (-0.83 per cent), and oil & gas (-0.07 per cent). Only the industrial sector remained flat.
With caution prevailing among investors, the outlook for the market remains uncertain as sell-offs persist, reflecting ongoing concerns over broader economic conditions.
