The Nigerian stock market closed lower on Wednesday as investors recorded losses amounting to N1.62 trillion amid widespread sell-offs in major listed companies.
At the close of trading, the all-share index declined by 2,573.05 points, representing a 1.02 per cent drop to settle at 249,062.37 points, while market capitalisation fell to N159.661 trillion.
The downturn was largely driven by declines in the shares of medium and large-cap stocks, including BUA Cement, Chemical and Allied Products, UACN, Nigerian Exchange Group, and First HoldCo Plc.
Despite the negative market performance, analysts at Cowry Assets Management Limited expressed optimism that the market could rebound as investors reposition their portfolios amid sustained confidence in Nigerian equities.
Market breadth closed on a positive note, with 40 gainers outperforming 25 losers during the trading session.
ABC Transport Plc and Zichis Agro Allied Industry topped the gainers’ chart after both appreciated by 10 per cent to close at N8.26 and N32.04 respectively.
Japaul Gold & Ventures also gained 9.95 per cent to close at N4.09 per share, while Living Trust Mortgage Bank rose by 9.92 per cent to N4.21. FTN Cocoa Processors advanced by 9.91 per cent to close at N10.76 per share.
On the losers’ table, BUA Cement led with a 10 per cent decline to close at N414.00, while Chemical and Allied Products shed 9.99 per cent to N210.35 per share.
eTranzact International dropped by 7.03 per cent to close at N17.20, while International Breweries fell by 5.38 per cent to N12.30. DEAP Capital Management & Trust also declined by 4.92 per cent to close at N5.80 per share.
Trading activity weakened as total volume traded dropped by 14.74 per cent to 600.224 million units valued at N32.716 billion across 58,958 deals.
Access Holdings emerged as the most actively traded stock with 55.962 million shares worth N1.418 billion exchanged.
Japaul Gold & Ventures followed with 49.879 million shares valued at N202.869 million, while Zenith Bank traded 36.660 million shares worth N4.806 billion.
Sterling Financial Holdings Company recorded 25.929 million shares valued at N200.840 million, while Fidelity Bank accounted for 21.744 million shares worth N499.585 million.
