The Nigerian Exchange (NGX) closed Wednesday’s trading session in negative territory, shedding 549.4 points to settle at 165,164.4, as profit-taking and broad-based selling pressure weighed on investor sentiment.
The decline represents a 0.33% drop from the previous session’s close of 165,713.8, with the benchmark All-Share Index struggling to maintain support above the psychologically important 165,000 level.
Despite the market downturn, trading activity improved significantly. Total volume traded rose to 623 million shares, compared with 483 million shares in the prior session. These transactions were executed across 42,172 deals, reflecting increased participation by investors even as prices weakened.
Market capitalisation also slipped, falling to N105.7 trillion from N106 trillion, underscoring the overall decline in equity prices during the session.
What the data is saying
Trading data shows that the All-Share Index recorded its first bearish move of the week after several sessions of sideways trading. The pullback trimmed the market’s year-to-date return to 6.14%, down from 6.49% in the previous session.
Gains were limited to a handful of stocks. UHOMREIT and DEAPCAP topped the gainers’ chart after each advanced by 9.97%, providing some pockets of relief in an otherwise weak market.
On the losing side, selling pressure was strongest in RT Briscoe and May & Baker, which led the decliners with losses of 9.97% and 9.96%, respectively.
Most active stocks
In terms of volume, Neimeth emerged as the most actively traded stock, recording 58.1 million shares. It was followed by CHAMS with 39.5 million shares and Access Holdings with 33.3 million shares.
Zenith Bank and Tantalizers completed the top five by volume, trading 32.4 million and 29.2 million shares, respectively.
By value of trades, Zenith Bank dominated with transactions worth N2.3 billion. Aradel followed closely at N2.2 billion, while GTCO recorded N2.1 billion in trades.
MTN Nigeria and Access Holdings rounded out the top five by value, with N1.5 billion and N757.4 million worth of shares exchanged, respectively.
Top gainers
UHOMREIT rose by 9.97% to close at N94.85
DEAPCAP gained 9.97% to N9.49
Tantalizers advanced 9.92% to N3.88
Skyway Aviation Handling Company climbed 9.91% to N128.60
Morrison increased by 9.90% to N9.99
Top losers
RT Briscoe declined 9.97% to N6.50
May & Baker fell 9.96% to N35.25
Ikeja Hotel dropped 9.92% to N32.25
LivingTrust Mortgage Bank lost 9.90% to N4.64
eTranzact eased 9.16% to N17.35
SWOOTs and FUGAZ performance
Trading among SWOOTs, stocks with market capitalisation above N1 trillion, was largely bearish. International Breweries declined by 3.45%, while MTN Nigeria shed 1.38%.
FUGAZ banking stocks posted mixed results. First HoldCo slipped 2.23%, and UBA declined by 0.78%. However, some tier-one banks recorded modest gains, with GTCO rising 0.51%, Access Holdings up 0.44%, and Zenith Bank edging higher by 0.14%.
Why this matters
The market’s pullback reflects cautious investor sentiment as traders take profits and wait for clearer direction from mid- and large-cap stocks. The mixed performance across SWOOTs and FUGAZ counters highlights uneven sectoral trends and ongoing volatility.
While increased trading activity suggests sustained interest in select equities, the broader market remains under pressure, pointing to restrained momentum in the short term.
Market outlook
The Nigerian stock market appears to be undergoing a bearish retracement phase. The depth and duration of this pullback will depend on how quickly bullish sentiment returns, particularly in mid- and large-cap stocks.
A potential catalyst for recovery could be the release of positive full-year 2025 earnings results, which may help restore confidence and attract fresh inflows into the market.
Emmanuel Bassey is a Financial Expert that has worked in the Banking and Finance Industry for over 15+ years across different banks in Nigeria
