The Nigerian equities market extended its downward trajectory on Wednesday as profit-taking in high-priced energy and insurance equities dragged key market indicators lower.
Negative sentiment dominated trading sessions across major sectors on the Nigerian Exchange Limited, driving the benchmark All-Share Index below the 241,000 thresholds.
At the close of trading, the ASI declined 0.36 per cent, or 860.76 points, to settle at 240,750.47 points, compared with Tuesday’s close of 241,611.23 points. In tandem with the benchmark index, the overall equity market capitalisation contracted by N555.68bn, slipping from N155.97tn recorded in the previous session to close at N155.42tn.
Investor interest was dampened by significant sell-offs in market heavyweights, particularly within the energy space. Aradel Holdings Plc suffered a maximum daily price correction, tumbling 9.99 per cent to close at N1,374.20 per share, from its previous valuation of N1,526.70.
Other energy equities recorded mixed performances, as Japaul Gold & Ventures Plc and Oando Plc recorded modest gains of 0.35 per cent and 0.57 per cent, to close at N2.90 and N35.30 per share respectively, while Seplat Energy Plc and TotalEnergies Marketing Nigeria Plc held firm without price adjustments.
The insurance sector witnessed intense selling pressure, emerging as the biggest underperformer among sub-sectors. International Energy Insurance Plc anchored the losers’ chart, shedding 10.00 per cent to close at N4.77 per share.
Universal Insurance Plc plummeted 9.41 per cent to settle at N0.77 per share, while Royal Exchange Plc dipped 8.62 per cent to N1.06 per share. Sovereign Trust Insurance Plc and Regency Assurance Plc also sustained losses of 7.41 per cent and 5.88 per cent, to close at N1.75 and N0.80 per share, respectively.
Conversely, Haldane McCall Plc spearheaded the gainers’ chart for the session, rising 10.00 per cent to close at N3.52 per share. Coronation Insurance Plc delivered strong capital appreciation with an 8.44 per cent rise to finish at N2.44 per share, while UACN Plc recorded an advance of 6.56 per cent to hit N177.85 per share.
AVA Capital Plc and Caverton Offshore Support Group Plc also recorded strong performances, expanding 6.29 per cent and 5.32 per cent to close at N7.60 and N4.95 per share, respectively.
Banking and financial services equities presented a mixed trading pattern across the board. United Bank for Africa Plc rising 2.22 per cent to close at N46.00 per share, while Zenith Bank Plc appreciated 1.64 per cent to N124.00 per share.
FCMB Group Plc added 1.69 per cent to hit N12.00 per share, and Access Holdings Plc rose marginally by 0.93 per cent to N27.15 per share. However, losses in Sterling Financial Holdings Company Plc, Ecobank Transnational Incorporated, and Guaranty Trust Holding Company Plc, which shed 0.65 per cent, 0.36 per cent, and 0.08 per cent respectively, capped the banking sector’s broader upward movement.
Overall trading activity stayed active across the market floor, with a total of 1.19 billion shares valued across 34,491 deals exchanged on the floor of the bourse. Market participation was heavily driven by transactions in insurance and tier-one banking stocks, as investors rebalanced portfolios ahead of mid-quarter corporate developments.