The Nigerian stock market extended its bearish streak on Wednesday, with investors on the Nigerian Exchange Limited (NGX) experiencing a total loss of N81 billion in market capitalization.
The market capitalization declined by 0.12 percent to close at N66.496 trillion, down from the N66.577 trillion recorded on Tuesday. Similarly, the All-Share Index (ASI) shed 130.33 points, a 0.12 percent decrease, to settle at 105,800.85, compared to the previous day's close of 105,931.18. Market analysts attributed this downturn primarily to sell-offs in prominent, high-value stocks.
Despite the overall negative sentiment, the market breadth presented a positive picture, with 39 stocks recording gains against 25 that experienced losses.
Leading the gainers' chart was University Press, which saw its share price surge by 10 percent to close at N3.74. Vitafoam also registered a substantial 10 percent increase, ending the trading session at N52.80 per share. Livestock Feeds followed closely with a 9.97 percent gain, closing at N8.49, while C & I Leasing Plc rose by 9.89 percent to N4.00 per share. McNichols Plc also recorded significant gains, increasing by 9.88 percent to close at N1.89 per share.
Conversely, the losers' table was topped by Ecobank Transnational Incorporated, which plummeted by the maximum 10 percent to close at N28.80. International Breweries also experienced a sharp 10 percent decline, closing at N7.38 per share. Ikeja Hotel Plc saw its share price fall by 9.89 percent to N12.30, and Cadbury Nigeria shed 9.80 percent, closing at N29.00 per share. Austin Laz and Company Plc also recorded a significant loss of 9.52 percent, closing at N1.71 per share.
Trading activity saw a total of 392.99 million shares worth N12.755 billion exchanged across 17,519 transactions. This volume and value represent a decrease compared to the previous day's trading, which involved 733.05 million shares valued at N35.288 billion across 16,619 deals.
In terms of individual stock activity, United Bank for Africa (UBA) emerged as the most traded stock, with 38.858 million shares worth N1.36 billion changing hands. Wema Bank followed with 26.616 million shares valued at N400 million, while Fidelity Bank recorded transactions of 25.39 million shares worth N525.05 million.
This market performance comes shortly after the NGX Group announced a N2.1 billion profit for the first quarter of 2025, highlighting a contrast between the group's overall financial health and the current bearish sentiment prevailing among investors. The mixed trading signals a complex market environment where specific stock sell-offs are driving overall losses despite positive movements in other counters.