The stock market extended its decline on Wednesday as investors recorded a N34 billion loss driven by sustained profit-taking in several major equities.
The downturn was triggered by declines in CHAMS, Halldane McCall, UACN, Sunu Assurances and 20 other stocks, dragging the market further into negative territory.
Market capitalisation, which opened at N93.658 trillion, slipped marginally to N93.624 trillion by the close of trading. The All-Share Index, ASI, also dipped by 0.05 per cent, shedding 78.28 points to settle at 146,862.01 from the previous 146,940.29.
As a result, the Year-To-Date return moderated to 42.69 per cent, reflecting the impact of the day’s bearish sentiment.
Despite the decline, the market breadth closed positive, with 28 gainers outpacing 24 losers.
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Japaul Gold topped the gainers’ chart, rising by 10 per cent to close at N2.53. Prestige Assurance followed with a 9.40 per cent gain at N1.63, while Mecure advanced by 7.72 per cent to finish at N34.90 per share.
The Initiates Plc climbed 7.30 per cent to N12.50, and Consolidated Hallmark Holdings appreciated by 6.97 per cent to close at N4.30.
On the losers’ side, CHAMS Holding led with a 10 per cent decline, ending at N3.06. Halldane McCall shed 8.88 per cent to close at N4, while FG202034S2 fell by 8.48 per cent to N106.98. UACN dropped by 8.18 per cent to finish at N80.80, and Sunu Assurances dipped by 6.98 per cent to close at N4.
Overall trading activity weakened as the market posted declines in volume and value. Investors traded 747.1 million shares worth N12.4 billion across 19,161 deals, significantly lower than the 1.9 million shares valued at N30.2 billion exchanged in 23,038 deals in the previous session.
CUTIX recorded the highest volume of trades with 122.91 million shares, while Guaranty Trust Holding Company posted the highest transaction value at N2.74 billion.
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