The Nigerian stock market reversed Tuesday’s gains on Wednesday as renewed profit-taking across major counters triggered a broad-based sell-off, wiping out approximately N648bn from investors’ wealth.
Widespread profit-taking outweighed targeted buying interest in selected counters, leaving market breadth firmly in the red as declining equities almost doubled those that recorded price appreciation.
At the close of trading, the Nigerian Exchange All-Share Index dropped 0.41 per cent, falling from an opening level of 247,984.55 basis points to settle at 246,980.17 basis points. In tandem with the benchmark index, total market capitalisation contracted from N159.992tn at the start of the session to close at N159.344tn.
Market breadth closed negative as 45 equities recorded price declines against 23 gainers, underscoring the dominant profit-taking mood among investors. The downturn was led by Cornerstone Insurance Plc, which shed 10.00 per cent to drop from N6.00 to N5.40, and Legend Internet Plc, which also fell 10.00
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