The Nigerian equities market reversed its three-day gain on Wednesday as profit-taking in large and mid-cap stocks wiped N801 billion off investors’ wealth, pushing the market capitalization down by 0.51 per cent to N158.32 trillion.
The decline was driven largely by sell pressure in key stocks, including Nestlé Nigeria, BUA Foods, Mecure Industries, International Energy Insurance, and UAC of Nigeria, as investors locked in gains from recent market advances.
The benchmark All-Share Index fell by 1,241.19 points, or 0.51 per cent, to close at 245,418.37 points, compared with 246,659.56 points recorded in the previous trading session. The market’s year-to-date return also moderated to 57.71 per cent.
Despite the overall decline, market breadth remained positive, with 37 stocks recording gains while 28 equities closed lower, indicating that buying interest persisted across several counters.
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Unilever Nigeria, Cadbury Nigeria and Trans-Nationwide Express topped the gainers’ chart, each rising by 10 per cent to close at N137.50, N62.70 and N3.08 per share respectively.
Thomas Wyatt Nigeria gained 9.95 per cent to finish at N4.09 per share, while UPDC Real Estate Investment Trust appreciated by 9.40 per cent, closing at N12.80 per share.
On the losing side, Nestlé Nigeria and BUA Foods led the decliners’ chart, both dropping by 10 per cent to close at N2,812.50 and N845.10 per share respectively. Mecure Industries declined by 9.94 per cent to N69.30, International Energy Insurance fell by 9.84 per cent to N4.40, while UAC of Nigeria shed 7.75 per cent to end the session at N184.45 per share.
Trading activity improved during the session, with investors exchanging 1.25 billion shares valued at N118.18 billion in 47,458 deals. The volume traded represented a 34.34 per cent increase compared with the previous session.
First HoldCo dominated market activity, accounting for 736.04 million shares worth N80.81 billion. The company’s transactions represented 58.76 per cent of the total volume traded and 68.38 per cent of the total value of transactions.
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