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The Nigerian Exchange (NGX) closed negative on Wednesday, recording a market loss of N324 billion, the first decline of the week.

Data from the Exchange showed that market capitalisation, which opened at N89.696 trillion, dropped by 0.36 percent to close at N89.372 trillion. Similarly, the All-Share Index (ASI) fell by 0.36 percent, shedding 512.60 points to settle at 141,248.76, compared to 141,761.36 recorded on Tuesday.

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Market watchers attributed the downturn to significant price losses in Cornerstone Insurance, RT Briscoe, ABC Transport, NGX Group, Mutual Benefits, and 36 other equities.

“The bearish performance today was largely driven by selloffs in insurance, transport, and select financial stocks, which outweighed the modest gains seen in a few counters,” market analysts noted.

The session also reflected a negative market breadth, with 40 losers against 17 gainers. Cornerstone Insurance, RT Briscoe, ABC Transport, and Mutual Benefits topped the losers’ chart, while Deap Capital Management and Legend Internet led the gainers after rebounding from Tuesday’s decline

Despite the losses, trading activity improved as volume and value increased even though the number of deals slightly declined. Investors exchanged 682.9 million shares worth N22.2 billion across 28,695 transactions, higher than the 605.02 million shares valued at N12.89 billion traded in 28,845 deals on Tuesday.

“This shows that while investor sentiment remains cautious, there is still active participation in the market, particularly among institutional players taking positions in high-volume stocks,” one trader commented.

FCMB Group once again led the activity chart by volume, trading 108.5 million shares worth N1.19 billion, maintaining its dominance for the third consecutive session.

Market analysts say investors are adopting a wait-and-see approach, keeping an eye on macroeconomic indicators, corporate earnings, and policy directions from the Central Bank of Nigeria, which are expected to shape market performance in the coming weeks.

“We anticipate continued mixed trading in the short term as investors rebalance portfolios, but the medium-term outlook remains positive, driven by expected earnings releases and stronger policy clarity,” the analysts added

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