Nigeria’s equities market closed lower on Wednesday to post its first negative session of the week as investors moved to lock in gains from early-week rallies.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) declined by 0.10 percent, dropping from 105,593.28 points on Tuesday to 105,475.38 points.
Similarly, the market capitalisation declined by N74 billion from N66.214 trillion to N66.140 trillion as investors reassessed positions across key counters.
Analysts had earlier warned of the possibility of a mixed week, citing profit-taking pressure on recently rallied stocks, particularly in the banking and insurance sectors.
Despite the bullish tone at the start of the week, supported by strong institutional flows and undervalued opportunities, momentum slowed as trading progressed.
“We expect the market to trade in a tight range as investors await earnings reports from Tier-1 banks,” Vetiva Research noted in its midweek outlook. “The upside could be limited by cautious positioning, especially in the absence of fresh catalysts.”
Trading activity remained robust with 5.76 billion shares exchanged in 10,908 deals, valued at N342.6 billion.
Actively traded stocks included Lafarge Africa, Sovereign Trust Insurance, Cutix Plc, Fidelity Bank, and Access Holdings.
On the losers’ board, UH REIT posted the steepest decline, falling by 9.93 percent from N56.90 to N51.25. This was followed by ABC Transport with a 9.80 percent decline to close at N1.38.
Champion Breweries also recorded a 5 percent dip, ending the session at N3.80 per share.
Market observers expect continued cautious trading as the earnings season unfolds and investors review corporate performance.
However, the underlying market sentiment remains broadly constructive, supported by improving macroeconomic indicators and policy direction.
Meanwhile, in a related corporate update, Eterna Plc’s board approved the company’s 2024 audited financial statements and disclosed that the report would be filed with regulators before March 31, 2025.
Also, Unilever Nigeria Plc announced the appointment of Adenike Ogunlesi as an Independent Non-Executive Director, effective March 24, 2025.
As the week progresses, investors are expected to closely monitor developments across earnings releases, macroeconomic data, and central bank policy signals.
