Nigerian Stocks Drop N41 Billion Amid Large-Cap Losses

On Wednesday, trading on the Nigerian Exchange Limited (NGX) saw a reversal of earlier gains, with the equities market closing marginally lower. The All-Share Index (ASI) decreased by 63.46 points, or 0.03%, to finish at 246,019.17 points, down from 246,082.63 points in the previous session.

Market capitalization fell by approximately N41 billion to N158.915 trillion. Investor sentiment remained positive, as 33 stocks advanced against 29 decliners.

The decline was primarily driven by price depreciation in large and medium-capitalized stocks, including Beta Glass, NASCON Allied Industries, Stanbic IBTC Holdings, CWG, and Access Holdings. Oando's stock rose by 9.43% to N38.30, while McNichols and NEM Insurance gained 9.09% and 7.99%, respectively.

Trading activity weakened, with total volume traded dropping by 34.47% to 426.840 million shares. Chams Holding Company recorded 18.560 million shares worth N71.584 million, and Guaranty Trust Holding Company traded 15.078 million shares valued at N2.008 billion.

The market's marginal decline occurred despite positive breadth, indicating broad buying interest insufficient to offset losses in key large-cap stocks.