Profit-taking by investors in bellwether stocks yesterday wiped N111 billion off the Nigerian equities market, extending the recent losing streak and further weakening market sentiment.
The sell-off pushed total market capitalisation down to N162.385 trillion from the previous session, as investors locked in gains on large and medium-capitalised stocks amid cautious positioning ahead of third-quarter (Q3) corporate earnings.
The All-Share Index (ASI) also declined by 176.75 points, representing a 0.07 per cent loss, to close at 250,096.75 points, as selling pressure hit key counters including Dangote Sugar Refinery, Oando, Transnational Corporation (Transcorp), Guaranty Trust Holding Company (GTCO) and Ecobank Transnational Incorporated (ETI).
The decline came despite continued activity across the market, with investors increasingly adopting a cautious stance as they await fresh corporate earnings and other market triggers that could determine the next direction of equities.
Analysts at Cowry Asset Management Limited said the market could sustain its downward trajectory in the near term, as persistent profit-taking continues to weigh on investor sentiment.
Market breadth also reflected the bearish mood, with 30 stocks recording price declines compared with 23 gainers.
Tripple Gee & Company led the gainers’ chart, appreciating by 9.96 per cent to close at N3.09 per share. Critical Minerals Financing Corporation (CMFC) followed with a 9.86 per cent gain to close at N4.01, while Champion Breweries rose by 9.50 per cent to N10.95 per share.
Wapic Insurance gained 9.24 per cent to close at N2.60, while Multiverse Mining & Exploration appreciated by 8.33 per cent to close at 39 kobo per share.
On the losers’ chart, Thomas Wyatt Nigeria led with a 9.74 per cent decline, closing at N2.41 per share. Sovereign Trust Insurance followed with a 7.60 per cent loss to close at N2.31, while LivingTrust Mortgage Bank fell by 7.25 per cent to N3.20 per share.
Neimeth International Pharmaceuticals declined by 4.61 per cent to close at N7.25, while Veritas Kapital Assurance shed 4.42 per cent to close at N1.08 per share.
Trading activity also weakened, with total transaction volume declining by 22.8 per cent to 447 million shares, valued at N22.95 billion, and exchanged in 38,905 deals.
Zenith Bank dominated trading by volume, with 34.901 million shares worth N4.743 billion changing hands.
CMFC followed with 32.758 million shares valued at N125.565 million, while Access Holdings recorded 25.277 million shares worth N758.435 million.
Multi Trex Integrated Foods traded 24.387 million shares valued at N9.511 million, while Sovereign Trust Insurance accounted for 24.371 million shares worth N61.699 million.