NGX Market Downturn: Investor Confidence Wanes
Market Capitalization Drops by ₦289 Billion as Investor Sentiment Turns Negative
The stock market extended its decline on Wednesday, with key performance indices falling by 0.44 percent, signaling continued bearish sentiment among investors.
Market capitalisation of the Nigerian Exchange Ltd. (NGX) dropped by ₦289 billion or 0.44 per cent to ₦65.789 trillion, from ₦66.078 trillion recorded on Tuesday.
Similarly, the All-Share Index declined by 460.56 points or 0.44 percent to close at 104,915.13, compared with 105,375.69 posted the previous day.
Market breadth ended negative, with 37 equities declining and only 13 recording gains, reflecting weak investor confidence across various sectors.
Livestock Feeds led the losers’ chart, shedding 10 percent to close at ₦8.49 per share, while eTranzact International fell 9.40 percent ₦5.30 per share.
WAPIC Insurance declined 9.27 per cent to ₦2.35 per share, and MRS Oil Nigeria dropped 8.99 per cent, closing at ₦162.00 per share.
May & Baker Nigeria also lost 8.05 percent the day at ₦8.00 per share, contributing to the overall market downturn.
On the gainers’ chart, Julius Berger Nigeria appreciated 8.47 percent at ₦137.00 per share, while Omatek Ventures rose 6.15 percent.
UPDC Real Estate Investment Trust advanced by 2.69 percent.05 per share, and Wema Bank increased by 2.43 percent.55 per share.
Unilever Nigeria also recorded gains, rising by 2.12 percent percent at ₦38.50 per share at the close of trade.
Total trade volume reached 1.37 billion shares worth ₦12.375 billion across 12,012 deals, showing significant activity in the equities market.
This compares with 349.99 million shares worth ₦8.221 billion exchanged in 11,230 deals in the previous trading session.
Sovereign Trust Insurance led the activity chart, with 1.009 billion shares valued at ₦989 million changing hands.
Fidelity Bank followed, trading 42.796 million shares worth ₦723.151 million, while Access Corporation sold 30.614 million shares for ₦698 million.
Jaiz Bank accounted for 23.950 million shares valued at ₦85.036 million, and Zenith Bank traded 21.630 million shares worth ₦1.024 billion. (NAN) (
