Investors lose N648bn as NGX reverses gains

The Nigerian stock market closed in the red on Wednesday, wiping out the previous session’s gains as investors recorded a combined loss of N648 billion.

The bearish performance reversed the N481 billion gain posted on Tuesday, with sustained sell-offs dragging key market indicators lower.

Market capitalization declined by N648 billion, or 0.41 percent, to close at N159.344 trillion, down from N159.992 trillion recorded in the previous trading session.

Similarly, the All-Share Index (ASI) shed 1,004.38 points, representing a 0.41 percent decline, to settle at 246,980.17, compared to 247,984.55 on Tuesday.

As a result, the market’s year-to-date return moderated to 58.71 percent.

The market breadth also remained negative, with 45 stocks recording losses against 23 gainers, reflecting the prevailing bearish sentiment among investors.

On the losers’ table, Cornerstone Insurance and Legend Internet led the decline after both dropped 10 percent to close at N5.40 and N4.05 per share, respectively.

The Initiates Plc fell by 9.91 percent to N30 per share, Guinea Insurance lost 9.78 percent to close at 83 kobo, while ABC Transport declined by 9.45 percent to settle at N5.75 per share.

On the gainers’ chart, Lasaco Assurance emerged as the top performer, advancing 10 percent to close at N2.42 per share. Coronation Infrastructure Fund followed with a 9.98 percent gain to N154.30, while NEM Insurance appreciated by 9.97 percent to finish at N34.20 per share.

Despite the market’s negative performance, trading activity improved during the session.

Total trading volume rose by 12.11 percent to 758.87 million shares valued at N33.79 billion, exchanged in 55,251 deals.

FCMB dominated the volume chart with 92.44 million shares traded, representing 12.18 percent of the total volume.

First Holdco led the value chart with transactions worth N8.77 billion, accounting for 25.94 percent of the total value traded.

The latest decline comes a day after the Nigerian Exchange recorded a N481 billion gain, highlighting the continued volatility in the equities market.