Profit-taking deepens losses at NGX as Investors lose N259.77bn

The bearish run in the Nigerian equities market deepened on Wednesday as sustained profit-taking across major stocks pushed the NGX All-Share Index down 0.17 per cent, wiping N259.77 billion off investors’ wealth.

The benchmark index closed at 238,682.92 basis points, extending its decline and pulling the year-to-date return lower to 53.38 per cent. Market capitalisation also fell to N154.14 trillion from N154.40 trillion recorded in the previous session.

The latest decline marked another session of weak investor sentiment, with market breadth settling at 0.4x as 41 stocks recorded losses against 17 gainers.

Profit-taking was particularly pronounced in key banking, consumer and industrial stocks. Zenith Bank fell 2.1 per cent, Jaiz Bank declined 7.7 per cent, while Fidson Healthcare and Oando dropped 10 per cent and three per cent respectively.

On the positive side of the performance chart, Neimeth International Pharmaceuticals gained 9.7 per cent to lead the advancers, while NEM Insurance rose 6.7 per cent. Regency Alliance Insurance, Linkage Assurance and UPDC Real Estate Investment Trust also recorded notable gains.

Fidson Healthcare and FTN Cocoa led the decliners, falling 10 per cent and 9.9 per cent respectively, while International Energy Insurance, Livestock Feeds and Omatek were also among the major losers.

The broad-based selling pressure was reflected across four major sectors. The Insurance index declined 0.94 per cent, Banking fell 0.41 per cent, Consumer Goods dropped 0.28 per cent, while Oil and Gas shed 0.11 per cent. The Industrial Goods index closed flat.

Despite the weakness in prices, trading activity improved significantly, suggesting that investors remained active amid the sell-off.

Total volume traded rose 9.7 per cent to 733.35 million shares, while market…