NGX trading floor. Photo: NGX
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.
