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The NGX reversed Tuesday’s gains as widespread profit-taking erased about ₦648 billion from investors’ wealth, with losers almost doubling gainers.
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Insurance stocks remained in demand, with Lasaco, NEM and SUNU Assurances leading the gainers despite the broader market downturn.
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Market breadth weakened sharply as 45 stocks declined against 23 gainers, reflecting renewed cautious sentiment among investors.
July 29, (THEWILL) — The Nigerian stock market closed lower on Wednesday as renewed profit-taking across major counters triggered a broad-based sell-off, outweighing gains recorded in selected insurance stocks.
The Nigerian Exchange (NGX) All-Share Index (ASI) declined by 0.41 percent, falling from an opening level of 247,984.55 basis points to close at 246,980.17 basis points.
Similarly, market capitalisation dropped from ₦159.992 trillion at the start of trading to ₦159.344 trillion at the close, translating to a loss of approximately ₦648 billion in investors’ wealth.
Market breadth closed firmly in the red, with 45 equities recording price declines compared to 23 gainers, underscoring the dominance of profit-taking across the market.
Price Movement
Top Five Gainers
• Lasaco Assurance Plc appreciated by 10.00 percent (rising from ₦2.20 to ₦2.42).
• CNIF gained 9.98 percent (advancing from ₦140.30 to ₦154.30).
• NEM Insurance Plc climbed 9.97 percent (increasing from ₦31.10 to ₦34.20).
• SUNU Assurances Nigeria Plc rose by 9.83 percent (moving from ₦3.56 to ₦3.91).
• Prestige Assurance Plc appreciated by 7.14 percent (closing at ₦1.50 from ₦1.40).
Top Five Decliners
• Cornerstone Insurance Plc declined by 10.00 percent (falling from ₦6.00 to ₦5.40).
• Legend Internet Plc shed 10.00 percent (dropping from ₦4.50 to ₦4.05).
• The Initiates Plc (TIP) lost 9.91 percent (declining from ₦33.30 to ₦30.00).
• Guinea Insurance Plc depreciated by 9.78 percent (easing from ₦0.92 to ₦0.83).
• ABC Transport Plc fell by 9.45 percent (slipping from ₦6.35 to ₦5.75).
Meanwhile, MTN Nigeria Communications Plc, Dangote Cement Plc, Seplat Energy Plc, Custodian Investment Plc and Julius Berger Nigeria Plc, among other heavyweight counters, closed flat for the session.
Investor sentiment weakened as widespread profit-taking overshadowed buying interest in insurance stocks.
Although bargain hunters continued to accumulate selected counters, the negative market breadth signalled a cautious approach as investors locked in recent gains across several sectors.
The market is expected to remain mixed in the near term as investors weigh profit-taking opportunities against bargain hunting in fundamentally strong stocks.
Attention is also expected to shift towards upcoming corporate earnings releases, which could influence trading direction in the coming sessions.
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.
