Nigeria’s equities market faced a setback on Wednesday as key stocks including University Press, Oando, Nascon, May & Baker, and C & I Leasing saw significant declines.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) ended the day at 95,831.51 points, a decrease of 64.41 points or 0.07 percent from the previous day’s close of 95,895.92 points.
The market capitalization also fell, settling at N54.448 trillion from N55.047 trillion.
University Press led the downward movement, with its share price plunging from N2.66 to N2.41, a reduction of 25 kobo or 9.40 percent.
This sharp drop has raised concerns among investors about the stability of the stock. Oando, another major player, experienced a decline from N43.30 to N39.55, losing N3.75 or 8.66 percent.
Nascon’s share price also fell significantly, dropping from N35.15 to N32.20, a loss of N2.95 or 8.39 percent.
May & Baker saw its shares decrease from N7.40 to N7.00, a drop of 40 kobo or 5.41 percent. Similarly, C & I Leasing’s stock fell from N2.95 to N2.80, losing 15 kobo in value.
The total trading volume for the day was substantial, with 360,558,689 shares exchanged in 8,813 deals, amounting to N7.252 billion in transactions.
Despite the overall market decline, some stocks such as Oando, GTCO, Cutix, Universal Insurance, and FCMB Group remained actively traded.
Market analysts attribute the downturn to a combination of profit-taking and broader economic concerns.
The decline in share prices of prominent companies has fueled speculation about the potential impact on investor confidence and market stability.
As the year progresses, investors and market watchers will be closely monitoring these developments to gauge their implications for the Nigerian equities market.
The overall year-to-date (YtD) return now stands at +28.16 percent, reflecting the market’s volatile nature amid fluctuating stock performances.