The Nigerian equities market’s recent bullish streak hit a roadblock on Wednesday, as heavy selloffs erased N444 billion in market value, rattling investors and shaking confidence in key sectors
Significant declines in Learn Africa, Cadbury, Meyer, UPDC, International Breweries, and 24 other laggards pushed the market into negative territory, pulling the market capitalisation down by 0.49 per cent to N90.996 trillion from Tuesday’s N91.440 trillion.
The All-Share Index (ASI) also retreated, shedding 698.56 points, or 0.49 per cent, to close at 143,064.57 from 143,763.13 recorded the previous session. Consequently, the Year-To-Date (YTD) return dipped to 39.00 per cent following the session’s downturn.
Despite the pullback, market breadth ended positive, with 29 gainers outpacing 27 decliners. AIICO Insurance led the gainers, surging 10 per cent to N3.52, followed closely by NCR Nigeria, which added 9.96 per cent to close at N49.70. Ikeja Hotel rose 9.41 per cent to N25, while Prestige Assurance and Sterling Nigeria gained 7.38 per cent and 6.85 per cent to N1.60 and N7.80, respectively.
On the other hand, Learn Africa topped the losers, falling 10 per cent to N5.22, with Cadbury dropping 9.92 per cent to N53.10. Meyer slid 9.91 per cent to N14.55, extending the day’s decline in consumer stocks, while UPDC lost 8.83 per cent to close at N5.47, and International Breweries dropped 8.33 per cent to N11 per share.
Market activity, however, improved across key metrics. Investors traded 738.35 million shares worth N35.5 billion across 19,919 deals, compared with 556.2 million shares valued at N18.7 billion executed in 19,500 deals on Tuesday.
GTCO recorded the highest volume and value, with 134.12 million shares worth N11.57 billion exchanging hands during the session.