ASO Index drops 0.49% as major stocks slump; trading activity improves despite market downturn
The Nigerian equities market snapped its bullish streak on Wednesday, closing in the red after heavy selloffs in several key stocks wiped out N444 billion in market value.
Declines in Learn Africa, Cadbury, Meyer, UPDC, International Breweries and more than two dozen other laggards dragged the market into negative territory during the midweek session.
At the close of trading, market capitalisation fell by 0.49 per cent to N90.996 trillion, reflecting a N444bn loss.
The All-Share Index also retreated, shedding 698.56 points to settle at 143,064.57, down from 143,763.13 recorded on Tuesday. The decline pushed the Year-to-Date return down to 39.00 per cent.
Despite the market dip, sentiment improved marginally as market breadth closed positive, with 29 gainers outperforming 27 decliners.
AIICO Insurance led the gainers’ chart, rising 10 per cent to N3.52, followed by NCR Nigeria, which appreciated 9.96 per cent to close at N49.70.
Ikeja Hotel advanced 9.41 per cent to N25, while Prestige Assurance gained 7.38 per cent to N1.60.
Sterling Nigeria also recorded a strong session with a 6.85 per cent increase to N7.80 per share.
On the losers’ side, Learn Africa topped the chart with a 10 per cent decline to N5.22, followed closely by Cadbury, which fell 9.92 per cent to N53.10.
Meyer shed 9.91 per cent to N14.55, extending weakness in consumer and industrial counters.
UPDC lost 8.83 per cent to close at N5.47, while International Breweries dipped 8.33 per cent to N11 per share.
Market activity, however, showed a significant uptick across all indicators. Investors traded 738.35 million shares valued at N35.5 billion in 19,919 deals, outperforming Tuesday’s 556.2 million shares worth N18.7 billion exchanged in 19,500 deals.
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