On Wednesday, equities trading at the Nigerian Exchange Limited (NGX) went downhill after a strong start to the week, with the benchmark index slipping 25 basis points, or 0.25 percent, to close at 98,291.53 basis points.
The overall bearish sentiments were primarily driven by profit-taking in Aradel Holdings Plc with 5.85 percent loss, selloffs in Okomu Oil Plc with a 6.86 percent loss, and a decline in Nestle Nigeria Plc with 2.25 percent loss.
Aradel Holdings PLC has recorded a significant loss of N208.3 billion two days after listing its shares on the floor of the Nigerian Exchange (NGX).
As a result, the monthly and year-to-date returns settled at -0.3 percent and +31.5 percent, respectively.
Due to the sell-offs, investors cumulatively lost N148.06 billion as the bearish sentiments led to a 0.25 percent reduction in market capitalisation, ending at N59.56 trillion.
Market breadth was marginally negative, with 23 laggards edging out 22 gainers.
On the performance board, Deap Capital, UACN, Dangote Sugar, Champion Breweries, and Daar Communication led gainers list as their respective share values appreciated by 10.00 percent, 9.90 percent, 9.69 percent, 9.65 percent, and 9.26 percent.
On the downside, Custodian Alliance, Okimu OilPalm, Consolidated Hallmark Holdings, Aradel, and McNicholas led the laggards list, having depreciated in share value by 8.98 percent, 6.86 percent, 6.62 percent, 5.85 percent, and 4.93 percent, respectively.
Sector performance was mixed, with three indices closing in green and two in red. The consumer goods sector rose by 0.46 percent due to bullish sentiment in Dangote Sugar Plc, which was 9.69 percent, and Champion Breweries Plc, with a gain of 9.65 percent, which offset selloffs in Nestle Nigeria with a loss of 2.25 percent.
The insurance sector recorded a 0.40 percent increase, and the oil and gas sector improved by 0.02 percent as the index closed higher due to positive performances in NEM Insurance Plc and Oando Plc, respectively.
In contrast, the banking sector dropped by 0.04 percent and the industrial goods sector shed 0.03 percent and contracted slightly due to selloffs in Fidelity Bank Plc and Lafarge Africa.
Sector performance was mixed, with three indices closing in green and two in red. The consumer goods sector rose by 0.46 percent due to bullish sentiment in Dangote Sugar Plc, which was 9.69 percent, and Champion
Breweries Plc, with a gain of 9.65 percent, which offset selloffs in Nestle Nigeria with a loss of 2.25 percent.
The insurance sector recorded a 0.40 percent increase, and the oil and gas sector improved by 0.02 percent as the index closed higher due to positive performances in NEM Insurance Plc and Oando Plc, respectively.
In contrast, the banking sector dropped by 0.04 percent and the industrial goods sector shed 0.03 percent and contracted slightly due to selloffs in Fidelity Bank Plc and Lafarge Africa.
The overall bearish trend dampened trading activity, as the number of deals, volume, and value fell by 19.42 percent, 9.96 percent, and 66.46 percent, respectively. A total of 257.55 million shares were traded across 7,776 deals, amounting to N8.99 billion.
Fidelity Bank Plc led the volume chart with 38.21 million units, representing 14.84 percent of total volume, while Aradel Holdings Plc led the value chart, accounting for N3.14 billion, representing 35.01 percent of total value.
ALSO READ THESE TOP STORIES FROM NIGERIAN TRIBUNE
and then