Trading on the Nigerian Exchange Limited closed slightly lower on Wednesday as profit-taking in selected equities dragged key performance indicators into negative territory.
Market data showed that the benchmark All-Share Index declined by 0.09 per cent to close at 195,898.53 points, compared with the previous session’s level, as investors booked profits in some large- and mid-cap stocks.
Consequently, market capitalisation shed N107.57bn to settle at N125.75tn. Despite the marginal decline, the market still maintained positive returns, with the month-to-date gain standing at 1.6 per cent, while the year-to-date return moderated to 25.89 per cent.
The downturn was largely driven by losses recorded in stocks such as Presco Plc and UAC of Nigeria Plc, both of which declined by 10 per cent. Dangote Cement Plc also slipped by 0.6 per cent.
Activity levels on the exchange weakened as investors traded a total of 671.27 million shares valued at N26.13bn in 58,792 deals. This represents a decline of 8.61 per cent in volume, 5.18 per cent in value, and 9.31 per cent in the number of transactions compared with the previous trading session.
Wema Bank Plc emerged as the most actively traded stock by both volume and value, accounting for 106.36 million shares worth N2.75bn.
Sectoral performance was mixed, with the Industrial Goods index leading the gainers after advancing by 1.42 per cent, while the Banking index recorded a marginal gain of 0.04 per cent.
Conversely, the Commodities sector topped the laggards, declining by 1.30 per cent. The Insurance index fell by 0.44 per cent, and the Consumer Goods index dipped by 0.43 per cent, while the Oil and Gas index edged down by 0.06 per cent.
Market breadth closed negative, reflecting bearish investor sentiment, as 40 stocks recorded losses compared with 29 gainers, translating to a market breadth ratio of 0.7 times.
Among the top gainers were NGX Group Plc and Premier Paints Plc, which appreciated by 10 per cent and 9.9 per cent respectively. Other notable gainers included Omatek Ventures Plc, Prestige Assurance Plc, and HMC Allied Plc.
On the losers’ chart, Presco Plc and UAC of Nigeria Plc led the decline with losses of 10 per cent each, followed by Morison Industries Plc, LivingTrust Mortgage Bank Plc, and SCOA Nigeria Plc.
