March 04, (THEWILL) — The Nigerian equities market closed marginally lower on Wednesday, reversing part of the previous session’s gains as profit-taking pressure resurfaced across select medium- and large-cap stocks.
Market capitalisation declined from ₦126.198 trillion at the open to ₦126.097 trillion at the close, reflecting a ₦101 billion contraction. Similarly, the All-Share Index (ASI) eased from 196,621.96 to 196,463.22, indicating a mild pullback of 158.74 basis points.
The session was characterised by cautious trading activity, with market breadth tilting negative at 22 gainers against 37 losers, underscoring weakening market internals and a more defensive tone among participants.
Stocks leading on the gainers list include:
PREMPAINTS 10.00 percent (₦11.00 to ₦12.10).
FTGINSURE 9.73 percent (₦1.13 to ₦1.24).
UACN 7.78 percent (₦106.70 to ₦115.00).
ETERNA 6.38 percent (₦32.90 to ₦35.00).
CUSTODIAN 6.06 percent (₦66.00 to ₦70.00).
Stocks leading on the losers’ end include:
DANGSUGAR -10.00 percent (₦83.00 to ₦74.70).
JAIZBANK -10.00 percent (₦12.00 to ₦10.80).
CAP -9.97 percent (₦94.25 to ₦84.85).
UNIONDICON -9.94 percent (₦16.60 to ₦14.95).
HMCALL -9.89 percent (₦4.35 to ₦3.92).
Meanwhile, heavyweight and select counters such as Okomu Oil Palm, Presco Plc, DN Tyre and Rubber, Golden Guinea Brewery, and PZ Cussons Nigeria ended the session unchanged, providing limited directional impetus to the broader index.
Investor sentiment weakened modestly, with the negative breadth reflecting rotational selloffs and short-term profit realisation following recent advances. The sharper declines in consumer goods and banking names suggest portfolio rebalancing and cautious positioning ahead of further market catalysts.
While pockets of strength persisted in select insurance and industrial counters, buying conviction appeared selective rather than broad-based.
The market may witness mixed trading in the next session as investors weigh valuation levels against liquidity flows. If bargain hunting emerges in fundamentally strong counters, the index could stabilise near current levels.
However, sustained downside pressure in bellwether stocks could drag the ASI lower in the short term. Overall, the near-term bias appears mildly bearish, though underlying liquidity conditions remain supportive enough to prevent a sharp correction.
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.
