LAGOS, Nigeria — Nigerian equities extended losses on Wednesday as investors engaged in profit-taking across major counters, erasing gains recorded in the previous session and wiping approximately ₦443 billion from market capitalization.
The sell-offs came a day after the Central Bank of Nigeria (CBN) announced its latest monetary policy decision, triggering cautious sentiment among investors and renewed pressure on large-cap stocks.
The NGX All-Share Index (ASI) fell by 0.49% to close at 143,064.57 points, compared to 143,763.13 points in Tuesday’s session. Similarly, market capitalization dropped to ₦90.998 trillion from ₦91.441 trillion, reflecting continued bearish momentum.
Market Highlights
| Metric | Movement | New Level |
|---|---|---|
| ASI | ↓ 0.49% | 143,064.57 pts |
| Market Cap | ↓ 0.49% | ₦90.996 trillion |
| Volume Traded | ↑ 32.76% | 738.35 million units |
| Value Traded | ↑ 89.89% | ₦35.54 billion |
| Total Deals | ↑ 2.15% | 19,919 transactions |
Rising Activity Despite Sell Pressure
Despite the downturn, market participation rose sharply as institutional and retail investors repositioned their portfolios ahead of month-end.
- Trading volume surged by 32.76% to 738.35 million units, compared to 556.25 million units previously.
- Market value jumped 89.89% to ₦35.54 billion, indicating the presence of block trades and portfolio rebalancing by institutional investors.
- Total deals increased by 2.15% to 19,919 transactions, underscoring strong market engagement despite declining prices.
Sector Performance: Mixed Sentiment Prevails
Sectoral indices reflected divergent investor sentiment:
- Insurance: +2.66%
- Banking: +0.24%
- Oil & Gas: +0.17%
- Consumer Goods: -1.33%
- Industrial Goods: -2.03%
Losses in large-cap industrial stocks weighed most heavily on the overall market, dragging the ASI lower.
Top Gainers and Losers
Top 5 Gainers
- AIICO Insurance — +10% to ₦3.52
- NCR — +9.96% to ₦49.70
- Ikeja Hotel — +9.41% to ₦25.00
- Prestige — +7.38% to ₦1.60
- SterlingNG — +6.85% to ₦7.80
Top 5 Losers
- Learn Africa — -10% to ₦5.22
- Cadbury Nigeria — -9.92% to ₦53.10
- Meyer — -9.91% to ₦14.55
- UPDC — -8.83% to ₦5.47
- International Breweries — -8.33% to ₦11.00
The dominance of low-priced gainers such as AIICO and Prestige underscores speculative activity, while weakness in consumer goods and property stocks indicates sustained sectoral drag.
Market Outlook
Analysts note that the contraction in both market capitalization and index level despite improved liquidity points to net selling pressure in large-cap counters, likely due to profit-taking and tactical portfolio adjustments.
However, the surge in trading volume and deal count reflects resilient investor participation, signaling that while sentiment remains short-term and speculative, market interest is still strong ahead of year-end positioning.
Alternative Title Suggestions:
- Profit-Taking Drags NGX as Investors Lose ₦443bn Post-CBN Decision
- Nigerian Stocks Slip 0.49%, Erasing ₦443bn in Market Value
- Selloffs Hit Nigerian Equities, Market Value Drops to ₦90.9trn
- Equities Retreat After CBN Policy, ₦443bn Wiped Off NGX
- Profit-Taking, Portfolio Rebalancing Weigh on Nigerian Stocks
