The Nigerian stock market slipped further on Wednesday as renewed sell pressure dragged market capitalisation down by N34 billion.
The all-share index fell by 78.28 points to close at 146,862.01, reflecting a 0.05 per cent decline, while overall valuation settled at N93.625 trillion.
Trading data showed that losses in several medium and large-cap stocks, including UACN, Nigerian Breweries, Access Holdings, Oando and Haldane McCall, contributed significantly to the market’s negative performance.
Sectoral activity also leaned bearish, with insurance recording the steepest drop at 0.39 per cent. Consumer goods fell by 0.14 per cent, oil and gas slipped by 0.08 per cent and banking moderated by 0.04 per cent. The industrial and commodity sectors closed flat.
The News Chronicle understands that despite the dip in the benchmark index, investor sentiment remained relatively mixed, as gainers outnumbered losers.
Twenty-eight stocks closed higher, led by Japaul Gold & Ventures with a 10 per cent rise to N2.53 kobo. Prestige Assurance gained 9.4 per cent to N1.63, while MeCure Industries appreciated by 7.72 per cent to N34.90 kobo.
On the flip side, Chams Holding Company topped the losers’ chart with a 10 per cent decline to N3.06 kobo. Haldane McCall dipped 8.88 per cent to N4, and UACN fell by 8.18 per cent to N80.80 kobo. SUNU Assurance and Linkage Assurance also weakened by 6.98 per cent and 4.35 per cent respectively.
Market activity slowed sharply, with total traded volume plunging by 63.25 per cent to 747.087 million units valued at N12.426 billion across 19,161 deals.
Cutix led trading with 122.914 million shares worth N369.084 million. FCMB, Consolidated Hallmark Holdings, Fidelity Bank and Tantalizer followed on the activity chart.
Meanwhile, the naira faced renewed pressure as demand for dollars intensified ahead of year-end obligations.
The currency slipped to N1,455.38 at the official window and traded at N1,474 in the parallel market, reflecting weakening sentiment across Nigeria’s FX ecosystem.
