November 06, (THEWILL) — The Nigerian equities market closed lower on Wednesday, November 6, extending its bearish run as investors continued to take profits in major blue-chip and mid-tier stocks. The benchmark All-Share Index (ASI) fell by 0.36 percent, declining from 150,573.87 points to 150,025.55 points, while market capitalisation slipped by the same margin to close at ₦95.316 trillion compared to ₦95.74 trillion at the previous session.
The downtrend was largely driven by sell-offs in key consumer goods and insurance counters, which outweighed moderate gains seen in select financial and industrial stocks.
Top Gainers
UPDC Plc led the gainers’ chart, appreciating by 9.83 percent (to close at ₦6.59 from ₦6.00), following renewed interest in the property development sector.
FCMB Group rose 8.00 percent, (moving from ₦10.00 to ₦10.80), as investors positioned ahead of its upcoming earnings announcement.
Omatek Ventures gained 7.44 percent (₦1.21 to ₦1.30) amid sustained momentum in penny stocks, while AIICO Insurance advanced 5.35 percent (₦3.55 to ₦3.74).
AXA Mansard rounded off the top five gainers, climbing 5.26 percent (₦13.30 to ₦14.00) on increased volume and positive sentiment in the insurance segment.
Top Losers
On the flip side, Legend Internet Plc topped the losers’ chart with a 9.93 percent decline, (falling from ₦5.84 to ₦5.26).
Champion Breweries followed, shedding 9.72 percent to (close at ₦14.40 from ₦15.95), as investors locked in profits from prior sessions.
Tantalizers Plc dropped 8.12 percent (₦2.34 to ₦2.15).
Sovereign Trust Insurance depreciated 7.51 percent (₦3.33 to ₦3.08)
Linkage Assurance lost 7.50 percent (₦2.00 to ₦1.85), reflecting continued weakness across the small-cap insurance segment.
Market Overview and Sentiment
Market breadth remained negative, with 15 gainers compared to 39 losers, indicating a prevailing bearish sentiment. Trading activity was dominated by profit-taking, especially in previously overbought stocks.
Meanwhile, heavyweights such as Dangote Cement, Custodian Investment Plc, DN Tyre and Rubber, Julius Berger, and Okomu Oil Palm closed flat, providing slight stability amid the day’s downturn.
Investor sentiment remains cautious, with traders closely monitoring Q3 earnings updates and policy signals from the Central Bank. The current pullback, however, is viewed as a possible opportunity for long-term investors to re-enter fundamentally strong counters at discounted prices.
Market Outlook for Thursday
A mixed session is expected on Thursday, with bargain-hunting in select large-cap stocks potentially offsetting ongoing profit-taking pressure. Overall, the market may trade within a narrow band as investors assess corporate earnings and broader macroeconomic indicators for clearer direction.
Ogochukwu Onwaeze
