Five Stocks Hit Daily Loss Limit as Selling Pressure Intensifies

Broad-based selling intensified on the Nigerian Exchange (NGX) on Wednesday with five equities hitting the Exchange’s maximum daily decline as investors extended profit-taking across multiple sectors.

Omatek Ventures Plc, Zichis Plc, Japaul Gold & Ventures Plc, FTN Cocoa Processors Plc and McNichols Plc each declined 10.00 percent, making them the session’s biggest losers as investors continued to lock in profits across several counters.

Top Losers

The simultaneous decline of five stocks to the daily price limit reflected the intensity of the selling that swept through the market with losses spanning multiple sectors rather than being concentrated in a single segment.

The broad-based selloff weighed heavily on the overall market.

The NGX All-Share Index (ASI) fell 1.05 percent from 244,802.11 to 242,223.10 points, while equity market capitalisation declined by approximately N1.67 trillion from N158.722 trillion to N157.050 trillion.

Trading activity moderated compared with the previous session, although investor participation remained substantial.

A total of 534.45 million shares valued at N22.28 billion were exchanged in 46,943 deals, down from 753.17 million shares worth N27.82 billion across 54,051 deals on Tuesday.

Despite the widespread losses, pockets of buying interest remained.

Champion Breweries Plc gained 9.90 percent to lead the gainers’ chart, while VFD Group Plc advanced 9.52 percent, demonstrating that investors continued to accumulate selected stocks even as the broader market weakened.

Wednesday’s trading reflected a continuation of the cautious sentiment that emerged in the previous session.

The concentration of stocks at the Exchange’s daily loss limit, coupled with another sharp decline in the benchmark index, suggests profit-taking remained the dominant force, outweighing isolated buying interest and extending the Nigerian Exchange’s downward trend.