Nigerian Exchange Market Suffers N324 Billion Loss Midweek

The Nigerian Exchange market recorded a N324 billion setback on Wednesday, marking its first decline of the week, PulseNets learnt.

Nigeria Exchange Limited’s market capitalisation, which had opened trading at N89.696 trillion, slipped by 0.36 percent, closing at N89.372 trillion.

Similarly, the All-Share Index (ASI) fell by 0.36 percent, losing 512.60 points to settle at 141,248.76, compared to 141,761.36 obtained on Tuesday.

PulseNets gathered that the bearish outing on Wednesday was largely influenced by sell-offs in Cornerstone Insurance, RT Briscoe, ABC Transport, NGX Group, Mutual Benefits, alongside 36 other equities.

Market breadth also reflected the downturn as 40 stocks closed in the red against 17 gainers. A closer breakdown showed that Cornerstone Insurance, RT Briscoe, ABC Transport, and Mutual Benefits topped the losers’ chart.

However, some equities reversed previous losses. “Deap Capital Management and Legend Internet recovered strongly to lead the gainers’ table on Wednesday,” a Lagos-based stockbroker told PulseNets.

Further analysis of trading activity revealed mixed outcomes. While market volume and value increased, the number of executed transactions dropped. A total of 682.9 million shares worth N22.2 billion were exchanged across 28,695 deals, compared to 605.02 million shares valued at N12.89 billion traded in 28,845 deals on Tuesday.

Also Read: Investors lose N114 billion as Nigerian Exchange Market maintains downward trend

On the activity chart, FCMB Group maintained its dominance for the third consecutive session, leading in volume with 108.5 million shares worth N1.19 billion.

Market watchers who spoke to PulseNets expressed caution, noting that the midweek dip highlights investor concerns over ongoing volatility in the NGX.