The Nigerian stock market closed the week on a negative note on Wednesday, wiping out N900 billion in investors’ wealth after four consecutive days of gains.
The downturn was driven by selloffs in key stocks, such as Red Star Express, Aradel, Presco, Livingtrust Mortgage Bank, Daar Communications, and 33 others.
Specifically, the market capitalisation fell by 0.69 per cent to N129.125 trillion from N130.025 trillion.
Similarly, the All-Share Index dropped by 1,402.55 points or 0.69 per cent, closing at 201,156.86 points from 202,559.41 on Tuesday.
The year-to-date returns eased to 29.27 per cent, while market breadth closed negative with 38 losers against 31 gainers.
Red Star Express led the gainers’ chart by 9.98 per cent, closing at N25.70.
Aradel followed by 9.68 per cent, finishing at N1,210.30, and Presco dropped by 9.30 per cent, ending the session at N1,701.10 per share.
Similarly, Livingtrust Mortgage Bank dipped by 8.40 per cent, settling at N4.80, while Daar Communications fell by 7.50 per cent, closing at N1.85 per share.
On the other hand, Secure Electronics Technology led the gainers’ chart by 10 per cent, settling at N1.32. Guinness trailed by 9.92 per cent, closing at N423.20, while John Holt gained by 9.72 per cent, finishing at N11.85 per share.
Also, Sovereign Trust Insurance grew by 9.57 per cent, ending the session at N2.06, and Linkage Assurance increased by 9.33 per cent, closing at N1.64 per share.
Market activity picked up significantly with total trading volume soaring 246 per cent to 6.06 billion shares, valued at N130.06 billion across 58,562 transactions.
E-Tranzact emerged as the most traded stock by volume, with 5.15 billion units exchanged, representing 85.31 per cent of the day’s total volume.
Meanwhile, Dangote Cement led in value, with trades worth N56.48 billion, accounting for 43.42 per cent of the total market value.
(NAN)
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