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.
Key performance indices at a glance
- ASI: Down -0.49% to 143,064.57 points
- Market Cap: Down -0.49% to N90.996 trillion
- Volume Traded: Up +32.76% to 738.35 million units
- Value Traded: Up +89.89% to N35.54 billion
- Total Deals: Up +2.15% to 19,919 deals
Market activity surges despite selling pressure
Contrary to the bearish price movement, investor participation increased significantly.
- Volume traded rose by 32.76% to 738.35 million units, up from 556.25 million units previously.
- Value traded jumped 89.89% to N35.54 billion, underscoring sizeable block transactions, likely from institutional investors repositioning portfolios ahead of month-end.
- Total deals increased by 2.15% to 19,919 transactions, indicating renewed market engagement despite weak price movement.
Sector Performance Mixed
Sectoral performance reflected divergent investor sentiment:
- Insurance index led the chart: Up +2.66%
- Banking index Up +0.24%
- Oil & Gas +0.17%
- Consumer Goods -1.33%
- Industrial Goods -2.03%
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.
Gainers and Losers
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:
- AIICO: Up +10% to N3.52
- NCR: Up +9.96% to N49.70
- Ikeja Hotel: Up +9.41% to N25.00
- Prestige: Up +7.38% to N1.60
- Sterling NG: Up +6.85% to N7.80
Top 5 Losers:
- Learnafrca: Down -10% to N5.22
- Cadbury: Down -9.92% to N53.10
- Meyer: Down -9.91% to N14.55
- UPDC: Down -8.83% to N5.47
- Intbrew: Down -8.33% to N11.00
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.
