Stocks Slip 1.02% As Investors Lose By N1.62trn In Midweek Trading

The Nigerian stock market recorded a sharp midweek decline, shedding N1.619 trillion in market capitalisation as investors reduced exposure across key listed companies.

The All-Share Index (ASI) fell by 2,573.05 points, representing a 1.02 per cent drop, to close at 249,062.37 points. In the same vein, market capitalisation declined to N159.661 trillion from previous levels, reflecting sustained profit-taking across the equities space.

The downturn was largely driven by price depreciation in large and medium capitalised stocks, including BUA Cement, Chemical and Allied Products (CAP), UACN, Nigerian Exchange Group, and First Holdco.

Despite the overall negative performance, market analysts at Cowry Assets Management Limited expressed optimism, noting that the market could witness a rebound as investors reposition their portfolios, supported by generally positive sentiment around the Nigerian equities market.

Market breadth, however, closed positive, with 40 gainers outpacing 25 losers. ABC Transports and Zichis Agro Allied Industry led the gainers’ chart, rising by 10 per cent each to close at N8.26 and N32.04 respectively. Japaul Gold & Ventures followed with a 9.95 per cent gain to N4.09 per share.

Living Trust Mortgage Bank advanced by 9.92 per cent to N4.21, while FTN Cocoa Processors gained 9.91 per cent to close at N10.76 per share.

On the losers’ chart, BUA Cement led with a 10 per cent decline to N414.00, followed by CAP, which shed 9.99 per cent to close at N210.35. eTranzact International dropped 7.03 per cent to N17.20 per share.

International Breweries declined by 5.38 per cent to N12.30, while DEAP Capital Management & Trust fell by 4.92 per cent to N5.80 per share.

Total traded volume also declined by 14.74 per cent to 600.224 million units, valued at N32.716 billion, exchanged in 58,958 deals. Access Holdings led activity with 55.962 million shares worth N1.418 billion, followed by Japaul Gold & Ventures with 49.879 million shares valued at N202.869 million. Zenith Bank recorded 36.660 million shares worth N4.806 billion.

Sterling Financial Holdings Company traded 25.929 million shares worth N200.840 million, while Fidelity Bank accounted for 21.744 million shares worth N499.585 million.