The Nigerian Exchange (NGX) slipped into negative territory on Wednesday, recording a N324 billion loss — the first decline of the week — as investors dumped shares across key sectors.
Data from the Nigeria Exchange Limited showed that market capitalisation, which opened at N89.696 trillion, dropped by 0.36 percent to close at N89.372 trillion. Similarly, the All-Share Index (ASI) shed 512.60 points, or 0.36 percent, to settle at 141,248.76 compared to 141,761.36 posted on Tuesday.
The downturn was largely driven by losses in Cornerstone Insurance, RT Briscoe, ABC Transport, NGX Group, Mutual Benefits, and 36 other equities. Market breadth closed negative with 40 losers against 17 gainers.
Cornerstone Insurance, RT Briscoe, ABC Transport, and Mutual Benefits topped the losers’ chart, while Deap Capital Management and Legend Internet bounced back from Tuesday’s losses to lead the gainers’ table.
Despite the dip, market activity improved in both volume and value, though transactions slightly declined. A total of 682.9 million shares worth N22.2 billion were exchanged in 28,695 deals — higher than Tuesday’s 605.02 million shares valued at N12.89 billion across 28,845 transactions.
FCMB Group maintained its dominance on the activity chart, trading 108.5 million shares valued at N1.19 billion, marking its third consecutive lead in the NGX session.
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