Investors on Nigeria’s stock market lost approximately 2.28 trillion naira (US$1.4 billion) on Wednesday as a broad-based sell-off extended losses on the Nigerian Exchange (NGX), reflecting continued profit-taking and weakening investor sentiment.
The market’s benchmark All-Share Index (ASI) fell by 1.44 percent to close at 243,132.61 points, down from 246,686.66 points recorded in the previous trading session.
As a result, total market capitalisation declined to 153.9 trillion naira from 158.2 trillion naira, wiping out 2.28 trillion naira in shareholder value in a single day.
The downturn was driven by sharp declines in several heavyweight and mid-cap stocks, with selling pressure outweighing gains recorded by a handful of advancing equities.
Market breadth remained firmly negative, with 44 stocks closing lower against 15 gainers, while 83 equities ended the session unchanged.
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Trading activity remained robust despite the losses, with investors exchanging more than 922.9 million shares worth 42.2 billion naira across 69,332 deals.
Analysts said the sell-off reflected ongoing profit-taking following recent market rallies, as investors moved to lock in gains amid concerns about valuations and broader economic conditions.
Among the day’s top gainers, Abbey Mortgage Bank rose 9.93 percent to close at 7.75 naira per share from 7.05 naira. Integens gained 9.89 percent to 6.00 naira, while Tripple Gee & Company advanced 9.80 percent to close at 4.37 naira per share.
However, these gains were insufficient to offset declines among several major stocks.
Lafarge Africa, commonly known as Wapco, led the losers’ chart after its share price fell by 9.97 percent to 307.90 naira from 342.00 naira.
Zichis also recorded a sharp decline of 9.82 percent to 29.20 naira, while Learn Africa lost 9.80 percent to close at 11.50 naira per share.
Trading volumes were dominated by banking and financial services stocks.
Sterling Financial Holdings Company emerged as the most actively traded stock by volume, with approximately 264 million shares exchanged in 434 deals.
Access Holdings followed with about 76 million shares traded across 2,644 transactions, while Linkage Assurance recorded 55 million shares traded in 165 deals.
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By transaction value, MTN Nigeria topped the market with shares worth 12.2 billion naira changing hands in 6,524 deals.
Zenith Bank followed with transactions valued at 4 billion naira, while energy company Aradel Holdings recorded trades worth 2.6 billion naira.
The latest decline adds to growing volatility on the Nigerian equities market, where investors have been balancing strong corporate earnings against concerns over inflation, exchange rate pressures and broader macroeconomic uncertainties.
Market participants are also closely monitoring monetary policy developments and government economic reforms, which could influence investor confidence and capital flows in the coming months.
Despite the sharp losses recorded during the session, analysts note that the Nigerian stock market remains one of Africa’s strongest-performing exchanges over the longer term, supported by growing participation from institutional investors and improving corporate profitability across several sectors.
However, they caution that short-term fluctuations are likely to persist as investors continue to react to economic data, company results and evolving market conditions.
