The recent bullish momentum on the Nigerian Exchange Limited came to a sudden halt on Wednesday as aggressive profit-taking in high-capitalisation stocks wiped N800bn off the total market valuation.
The All-Share Index fell by 1,241.19 points, representing a 0.50 per cent decline, to close at 245,418.37 basis points. Consequently, market capitalisation dropped to N158.319tn.
The market’s downturn was primarily triggered by price depreciation in key consumer goods and industrial heavyweights, notably Nestle Nigeria, BUA Foods, UACN, Guinness Nigeria, and MeCure Industries.
Despite the broader market contraction, investor sentiment remained resilient, reflected in a positive market breadth as 37 gainers outpaced 27 decliners.
Commenting on the day’s trend, market analysts noted that the heavy concentration of trading activity, where over two-thirds of total market value was locked in First Holdco, underscored strong institutional participation on the trading floor.
Furthermore, sustained buying interest in tier-one banking stocks indicated an ongoing appetite for
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