June 24 (THEWILL) — The Nigerian Exchange (NGX) closed sharply lower on Wednesday, as heavy selloffs in major cement and insurance stocks triggered a broad market decline, wiping ₦3.64 trillion off investors’ wealth.
Market capitalisation fell from ₦154.484 trillion at the opening of trading to ₦150.846 trillion at the close, while the All-Share Index (ASI) shed 5,668.65 points to settle at 235,074.54, down from 240,743.19.
Market sentiment remained firmly negative as 38 stocks declined against 17 gainers, reflecting sustained profit-taking and weak buying interest across key sectors of the market.
Top Gainers
Leading the gainers’ chart was Skyway Aviation Handling Company (SKYAVN),advanced by 9.62 percent (from ₦155.75 to ₦171.20).
International Energy Insurance (INTENEGINS) followed closely with a 9.66 percent gain, (rising from ₦6.11 to ₦6.70).
Tantalizers Plc appreciated by 6.98 percent (from ₦4.30 to ₦4.60).
Omatek Ventures gained 5.70 percent, (moving from ₦1.93 to ₦2.04).
AIICO Insurance added 5.19 percent (to close at ₦4.26 from ₦4.05).
Top Decliners
Dangote Cement plunged by 10.00 percent (from ₦1,070.00 to ₦963.00).
BUA Cement also declined by 10.00 percent (from ₦378.00 to ₦340.20).
Geregu Power shed 10.00 percent, falling (from ₦1,019.30 to ₦917.40).
Custodian Investment lost 9.97 percent (to close at ₦73.15 from ₦81.25).
Academy Press completed the top five decliners dropping 9.88 percent (from ₦8.10 to ₦7.30 per share).
Meanwhile, Lafarge Africa Plc, Julius Berger Plc, Champion Breweries Plc, Golden Guinea Breweries Plc, Cadbury Nigeria Plc and Nestlé Nigeria Plc, among others, closed flat for the session.
The negative market breadth of 17 gainers against 38 losers highlights a cautious investor mood, with sell pressure concentrated in large-cap stocks significantly weighing on overall market performance
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
