NGX sheds N900bn as Aradel, Presco trigger market downturn

The Nigerian stock market reversed earlier gains on Wednesday, losing N900 billion in investor value as selloffs in key stocks dragged performance lower.

Market capitalisation declined by 0.69 per cent to N129.125 trillion, while the All-Share Index fell by 1,402.55 points to close at 201,156.86 points. The downturn was driven by losses in stocks such as Aradel, Presco, Red Star Express, Livingtrust Mortgage Bank, and Daar Communications.

Market breadth closed negative, with 38 losers against 31 gainers, although some stocks posted gains. Secure Electronic Technology led the gainers with a 10 per cent increase, followed by Guinness, John Holt, Sovereign Trust Insurance, and Linkage Assurance.

Trading activity surged significantly, with total volume rising by 246 per cent to 6.06 billion shares valued at N130.06 billion across 58,562 deals. E-Tranzact recorded the highest volume of trades, while Dangote Cement led in value, accounting for over 43 per cent of total market transactions.

Despite the decline, the market’s year-to-date return remained positive at 29.27 per cent.