The Nigerian equity market faced a continued downtrend on Wednesday, driven by bearish sentiments for the third consecutive day. This led to a significant loss of N108 billion, with the All Share Index (ASI) falling by 0.20% to close at 97,199.60 points. Consequently, the market capitalization dropped to N55.18 trillion.
The market’s year-to-date gain decreased to 31.37%, while the month-to-date and week-to-date performances were -0.54% and -1.42%, respectively. Trading activity also declined sharply, with a 47% drop in volume, a 61% reduction in turnover, and a 26% decrease in the number of deals compared to the previous day. Overall, 315.3 million shares were traded in 8,365 deals, valued at N5.48 billion.
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Guinea Insurance led the gainers, posting a 10% increase to close at N0.44 per share. SFS Real Estate Investment Trust followed closely with a 9.96% gain, while Honeywell Flour Mill and RT Briscoe both recorded 9.87% increases.
Conversely, Oando and Cutix were the top losers, with their share prices falling by 9.95% and 9.92%, respectively. Oando ended the day at N36.20 per share, and Cutix at N5.36. Other significant decliners included Academy Press (-8.70%), Japaul Gold and Ventures (-7.89%), and Red Star Express (-6.98%).
The market breadth was negative, with 25 stocks declining against 22 that gained. In total, 118 equities were traded, reflecting the prevailing bearish sentiment.
Veritas Kapital Assurance recorded the highest trading volume, with 38.4 million shares, followed by Guaranty Trust Holding Company (36.3 million), Universal Insurance (23.2 million), and Oando (22.1 million).
Earlier in the week, Oando, along with Livestock Feeds, Cornerstone Insurance Company, and Linkage Assurance, contributed to a 0.5% market loss on Tuesday.
