By Taiye Olayemi
The Nigerian stock market took another brutal hit on Wednesday, plunging deeper into bearish territory as investors watched in dismay while ₦289 billion vanished from market capitalisation.
The All-Share Index nosedived by 460.56 points, a 0.44 per cent drop that dragged it down to 104,915.13 from the previous 105,375.69, further fuelling concerns over a prolonged downturn.
Stock Market breadth remained overwhelmingly negative, with 37 stocks bleeding out and only 13 managing gains, underscoring weak investor confidence.
Livestock Feeds bore the worst of the slump, crashing by 10 per cent to ₦8.49 per share. eTranzact International followed closely, sinking 9.40 per cent to ₦5.30 per share.
The downward spiral continued with WAPIC Insurance shedding 9.27 per cent to ₦2.35 per share, while MRS Oil Nigeria tumbled 8.99 per cent to settle at ₦162.00 per share. Pharmaceutical giant May & Baker Nigeria also felt the heat, plunging 8.05 per cent to ₦8.00 per share.
Amid the chaos, a few stocks managed to resist the pull. Julius Berger Nigeria emerged as the day’s top performer, surging 8.47 per cent to ₦137.00 per share. Omatek Ventures climbed 6.15 per cent to 69k, while UPDC Real Estate Investment Trust inched up 2.69 per cent to ₦3.05 per share.
Wema Bank saw a 2.43 per cent rise, closing at ₦10.55 per share, while Unilever Nigeria advanced 2.12 per cent to ₦38.50 per share, offering a faint silver lining in an otherwise turbulent session.
Despite the market’s grim performance, trading volume skyrocketed, with a staggering 1.37 billion shares valued at ₦12.375 billion exchanged in 12,012 deals—a sharp increase from the 349.99 million shares worth ₦8.221 billion recorded in the previous session.
Sovereign Trust Insurance dominated trading activity, moving 1.009 billion shares worth ₦989 million. Fidelity Bank followed with 42.796 million shares valued at ₦723.151 million, while Access Corporation exchanged 30.614 million shares for ₦698 million.
Other high-volume traders included Jaiz Bank, with 23.950 million shares worth ₦85.036 million, and Zenith Bank, which saw 21.630 million shares change hands at ₦1.024 billion.
As investor confidence continues to dwindle and market conditions remain volatile, all eyes are on the NGX for any sign of recovery. But for now, the bleeding shows no signs of stopping. (NAN)
