Stocks lose steam as Market sheds ₦121bn after two-day rally

By Taiye Olayemi

The Nigerian Stock Market closed lower on Wednesday, snapping a two-day winning streak, as key performance indicators dipped by 0.13 per cent.

The pullback in the stock market was largely fuelled by sell pressure in Thomas Wyatt Nigeria, UPDC Real Estate Investment Trust, Legend Internet Plc, Berger Paints, and 15 other laggards.

Market capitalisation shed ₦121 billion to settle at ₦92.284 trillion, compared with ₦92.405 trillion at Tuesday’s opening. Similarly, the All-Share Index (ASI) fell by 191.09 points to close at 145,864.80 from 146,055.89.

Despite the downturn, market breadth stayed positive, with 53 gainers outweighing 19 losers. Top performers included Learn Africa, FTN Cocoa Processors, Tripple Gee, RT Briscoe, and Prestige Assurance — each appreciating by 10 per cent to close at ₦7.70, ₦6.93, ₦5.17, ₦3.74, and ₦2.42 per share, respectively.

On the losers’ chart, Thomas Wyatt Nigeria topped the list with a 10 per cent decline to ₦3.42, followed by UPDC Real Estate Investment Trust, which fell 7.94 per cent to ₦8.00. Legend Internet Plc shed 6.35 per cent to ₦5.60, Berger Paints dropped 6.16 per cent to ₦32.00, while Champion Breweries declined 5.75 per cent to ₦16.38.

Trading volume stood at 1.34 billion shares valued at ₦20.21 billion in 30,749 deals, lower in value compared with the previous session’s ₦24.25 billion from 1.28 billion shares in 31,155 deals.

Universal Insurance led the activity chart with 193.43 million shares worth ₦282.42 million. Ja Paul Gold followed, exchanging 123.20 million shares valued at ₦389.98 million, while Veritas Kapital Assurance traded 93.21 million shares worth ₦260 million.

Access Corporation recorded 84.98 million shares worth ₦2.35 billion, and Sterling Nigeria accounted for 68.20 million shares valued at ₦552.62 million. (NAN)