Nigerian Equities Market Declines by N74 Billion

On Wednesday, the Nigerian domestic equities market experienced a decline of N74 billion amid profit-taking activities, resulting in a market capitalization of N124.753 trillion, down from N124.827 trillion the previous day. The NGX share index decreased by 114.41 basis points, closing at 194,370.20 points, compared to 194,484.61 points the day before.

The market breadth was negative, with 54 decliners and 22 advancers, contributing to a year-to-date return of 24.91%. The sell-off of major stocks significantly impacted the market, which saw a trading volume increase to 220 million shares, representing a 19.35% rise.

Investors traded 1.357 billion shares, down from 1.137 billion shares the previous day, while the total value of transactions decreased by 4.99% to N45.355 billion across 69,642 deals. Jaiz Bank led the gainers with a 9.95% increase, closing at N14.03 per unit, followed closely by Okomu Oil and Trans Express.

Conversely, ABC Transport and RT Briscoe were among the top losers, each declining by 10%.