The Nigerian equities market extended its losing streak on Wednesday as sustained profit-taking continued to weigh on overall performance, pushing the market further into negative territory.

At the close of trading, the Nigerian Exchange All-Share Index (NGX ASI) declined by 1.19 percent to settle at 150,812.02 points, trimming the year-to-date return to 46.52 percent. The persistent sell pressure led to a significant erosion in market value, with investors losing approximately N1.15 trillion. Consequently, the total market capitalisation of listed equities fell to N95.82 trillion.

Market sentiment remained weak, reflecting a negative market breadth as 15 stocks advanced while 46 declined.

Top gainers for the day included NCR, Legend International, Cornest, UPDC, and Linkage Assurance, which managed to attract buying interest despite the overall downturn. On the flip side, C&I Leasing, Transcorp, Skyway Aviation, Beta Glass, and RT Briscoe recorded the highest losses, topping the decliners’ chart.

Sectoral performance was broadly negative as profit-taking dominated key sectors. The Banking, Insurance, Oil and Gas, and Commodity indices fell by 0.19 percent, 0.08 percent, 1.02 percent, and 1.16 percent, respectively. However, the Industrial Goods and Consumer Goods sectors offered mild relief, each appreciating by 0.22 percent on renewed interest in select blue-chip stocks.

Despite the bearish close, overall market activity showed signs of improvement. While the number of deals declined by 17.98 percent to 27,303 transactions, total traded volume and value increased by 63.36 percent and 46.16 percent, respectively, to 1.12 billion units and N29.78 billion.

Market analysts attributed the ongoing correction to investors locking in profits following a strong rally in October. They noted that while short-term volatility may persist, bargain hunters are expected to return to the market as attractive entry points emerge, particularly in fundamentally strong large-cap stocks.

They added that the market’s medium-term outlook remains broadly positive, supported by resilient corporate earnings and expectations of continued policy reforms aimed at deepening investor confidence.

Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).