The Nigerian Exchange Limited experienced a downturn on Wednesday, with the market capitalization decreasing by N176 billion, or 0.32 percent, following three consecutive days of gains.
The market capitalization, which started at N55.437 trillion, fell to N55.261 trillion by the end of the trading day.
The All-Share Index also saw a decline of 0.32 percent, losing 307 points to close at 96,203.65, down from Tuesday’s figure of 96,510.13.
Consequently, the Year-To-Date (YTD) return has dropped by 28.66 percent. This decline is attributed to sell-offs in stocks such as MTN Nigeria, FBN Holdings, Access Corporation, and Wema Bank, among other underperforming equities.
Despite the overall downturn, the market breadth remained positive, with 35 stocks gaining and 14 losing value.
In terms of individual stock performance, Medical Gases topped the gainers’ list with a 10 percent increase, closing at N26.40, followed closely by Chams, which rose by 9.95 percent to N2.32 per share. Oando saw a 9.94 percent gain, closing at N57.85, while Livestock Feed Plc increased by 9.91 percent to N2.24, and Eterna Plc advanced by 9.84 percent to N27.90 per share.
On the other hand, Neimeth International Pharmaceuticals led the losers’ category, dropping 9.09 percent to close at N2, with Tantalizers following closely behind, down 8.64 percent to 74k per share. MTN Nigeria fell by 7.91 percent to N184, Thomas Wyatt decreased by 7.06 percent to N1.58, and Jaiz Bank lost 6.25 percent, closing at N2.25 per share.
A further analysis of market activities indicated a decline in trade turnover compared to the previous session, with transaction values decreasing by 19.59 percent. A total of 446.61 million shares worth N4.53 billion were traded across 10,148 deals, compared to 443.16 million shares valued at N5.64 billion in 8,493 deals the prior day.
In terms of trading volume, Universal led with 52.60 million shares valued at N18.78 million, while Japaul Gold followed with 51.80 million shares worth N145.32 million. Prestige sold 35.82 million shares valued at N19.53 million, Tantalizers traded 35.14 million shares worth N28.22 million, and Chams transacted 28.73 million shares valued at N65.52 million.
