The Nigerian Exchange Limited (NGX) closed lower on Wednesday as sustained profit-taking in key banking and consumer goods stocks dragged the market into negative territory.
The All-Share Index fell by 189.73 points, representing a decline of 0.18 percent, to settle at 104187.00, while the overall market capitalisation dropped by N119 billion to close at N65.470 trillion.
The negative performance was driven by losses in large and medium capitalised stocks, including Guaranty Trust Holding Company, Unilever Nigeria, PZ Cussons Nigeria, United Bank for Africa and Ecobank Transnational Incorporated.
Sectoral performance reflected a mixed trend as the banking index declined by 1.6 percent and the consumer goods index fell by 0.2 percent.
On the other hand, the insurance and oil and gas indices advanced by 2.7 percent and 0.5 percent, respectively, while the industrial goods index closed flat.
Despite the general market downturn, investor sentiment remained moderately positive with 33 stocks closing in the green compared to 23 that declined.
Livestock Feeds and VFD Group led the gainers chart with a 10 percent increase each to close at N8.03 and N72.60, respectively.
Nigerian Exchange Group gained 9.86 percent to close at N35.65 while Wapic Insurance rose by 9.60 percent to N1.94. Union Dicon Salt also advanced by 9.48 percent to settle at N6.35.
On the losers chart, Learn Africa and Haldane McCall recorded the highest percentage decline of 10 percent each to close at N2.97 and N5.22, respectively.
ETI followed with a 9.90 percent drop to close at N26.85 while PZ Cussons Nigeria depreciated by 9.88 percent to N30.10. Unilever Nigeria also lost 9.75 percent to close at N34.70.
Trading activity declined as total volume traded fell by 18.23 percent to 376.617 million units valued at N11.888 billion exchanged in 11576 deals. GTCO emerged as the most traded equity with 62.882 million shares worth N4.095 billion.
Access Holdings followed with 51.378 million shares valued at N1.059 billion. Zenith Bank recorded 32.326 million shares worth N1.519 billion while UBA and Mutual Benefits Assurance posted 22.560 million shares and 18.199 million shares, respectively.
The market is expected to remain sensitive to developments in macroeconomic conditions, sector earnings and policy guidance.
