The Nigerian equities market extended its bearish run on Wednesday, with the benchmark All-Share Index (ASI) declining by 1.63 per cent, weighed down by heavy profit-taking in Aradel Holdings Plc.
Market data showed that sustained sell-offs in the oil and gas firm’s shares significantly pressured the broader market, pushing the Nigerian Exchange Limited (NGX) deeper into negative territory.
Despite the sharp decline, the market maintained a robust year-to-date (YTD) return of 45.03 per cent, reflecting the strong gains recorded earlier in the year.
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Investor activity weakened considerably during the session as trading volume dropped by 47.10 per cent to 487.10 million shares, indicating reduced buying interest across the market.
Similarly, the value of transactions fell by 62.52 per cent to ₦13.99 billion, highlighting cautious sentiment among both institutional and retail investors.
Market breadth also closed negative, with 33 stocks recording losses, compared to 28 gainers, underscoring the dominance of bearish sentiment during the trading session.
In terms of trading volume, Sterling Financial Holdings Plc emerged as the most actively traded stock, accounting for 124.62 million shares.
By value, Zenith Bank Plc led the market with transactions worth ₦2.14 billion, making it the session’s most valuable stock.
On the gainers’ chart, Austin Laz and Company Plc and Guinea Insurance Plc posted the highest percentage gains, while Neimeth International Pharmaceuticals Plc and McNichols Plc recorded the steepest losses to top the losers’ table.
Market analysts said the day’s performance reflected continued profit-taking by investors after recent rallies, with trading expected to remain influenced by corporate earnings expectations and investor sentiment in the coming sessions.
