The Nigerian Exchange Limited witnessed a turbulent shift in fortunes on Wednesday, erasing the previous day’s gains and recording a substantial loss of N158 billion.
This abrupt downturn came after the exchange had soared with a N213 billion gain on Tuesday, effectively breaking a seven-day streak of bearish trading.
The NGX All-Share Index saw a significant depreciation of 0.43 percent or 288.69 base points, closing at 66,482.28, while the market capitalization mirrored this decline, dropping by 0.43 percent to reach N36.386 trillion.
Several notable stocks contributed to this market reversal, with MTN Nigeria (-3.85 percent), Wema Bank (-10 percent), and Fidelity Bank (-3.57 percent) being the primary losers. Other companies, including Sterling Financial Holding Company, Unity Bank, FCMB, and FBN Holdings, also experienced declines ranging from 0.31 percent to 2.72 percent.
Despite the overall downturn, trading volume surged by 80.48 percent to 657.52 million units of shares valued at N4.60 billion, representing a 19.38 percent increase when compared to Tuesday’s trading.
Market sentiments appeared mixed, as there were 29 gainers and 22 losers at the close of trading. Oando Plc emerged as the leading gainer, with a 9.88 percent appreciation, while Ikeja Hotel and Wema Bank led the losers’ table with a 10 percent decline.
In this volatile market, investors are keeping a close eye on developments, hoping for stability and sustained positive sentiment in the days to come.
