Nigerian equities investors lost approximately N443 billion on Wednesday as profit-taking across key counters eroded earlier gains in Tuesday’s session after the Central Bank of Nigeria’s (CBN) monetary policy decision.
The NGX benchmark All-Share Index (ASI) fell by 0.49% to 143,064.57 points, from the previous session’s 143,763.13 points, while the market capitalisation dropped by 0.49% to N90.998 trillion, down from about N91.441 trillion in the prior session, signalling continued pressure on equities.
On Tuesday, November 25, the value had increased by N95 billion to close at N91.441 trillion while the benchmark All-Share Index (ASI) advanced by 148.52 points or 0.10% to close at 143,763.13 points.
Contrary to the bearish price movement, investor participation increased significantly.
Sector Performance Mixed
Sectoral performance reflected divergent investor sentiment:
The negative industrial sector performance weighed heavily on overall market direction, as large-cap industrial stocks account for a significant part of the index weighting.
Top gainers were led by AIICO Insurance, which appreciated 10% to N3.52, followed by NCR (+9.96%), IKEJAHOTEL (+9.41%), PRESTIGE (+7.38%), and STERLINGNG (+6.85%). The strong rally in low-priced stocks indicates opportunistic buying and speculative interest.
On the flip side, LEARNAFRICA plunged 10% to N5.22, topping the losers’ list. CADBURY (-9.92%), MEYER (-9.91%), UPDC (-8.83%), and INTBREW (-8.83%) also recorded steep declines. The presence of mid-tier consumer and property stocks among the top losers mirrored broader sectoral weakness.
Top 5 Gainers:
Top 5 Losers:
Market Outlook
The contraction in market capitalisation and index level despite stronger trading volumes points to net selling pressure in high-value counters, possibly driven by portfolio realignments and profit-taking.
However, the significant improvement in liquidity and deals suggests investor interest remains robust, though currently skewed towards short-term, speculative positioning.