The Nigerian stock market extended its losing streak on Wednesday to make it the third consecutive day of decline as weak sentiment continued to weigh on investor confidence.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) dropped 0.44 percent to close at 104,915.13 points while the equities market capitalization fell from N66.068 trillion to N65.789 trillion.
The market has now lost N563 million this week, bringing the month-to-date decline to 2.70 percent. Despite a positive start to the year, overall market gains have now moderated to 1.93 percent as investors remain cautious.
Major Losers Drive Market Downward
MRS Oil Plc was the biggest loser, dropping N16 or 8.99 percent from N178 to N162 while Livestock Feeds Plc also declined by 10 percent from N9.40 to N8.46.
Other major laggards included:
- Etranzact Plc, which declined from N5.85 to N5.30, losing 9.40 percent.
- Coronation Insurance Plc, which fell from N2.59 to N2.35, shedding 9.27 percent.
- May & Baker Plc, which dropped from N8.70 to N8, recording a 8.05 percent loss.
Despite the losses, Sovereign Trust Insurance, Fidelity Bank, Access Holdings, Jaiz Bank and Zenith Bank were among the most actively traded stocks as investors exchanged 1.37 billion shares valued at N12.37 billion in 12,012 deals.
Looking Ahead
Persistent sell-offs and profit-taking activities have kept market gains in check with bargain hunters showing little interest in oversold stocks.
Analysts expect market performance to remain volatile with investors closely watching economic indicators and corporate earnings reports for direction.
The broader sentiment suggests continued caution among traders. Market participants will be monitoring upcoming data releases and macroeconomic trends to gauge potential recovery in the equities market.
