The Nigerian stock market experienced a slight pullback on Wednesday, marking its second consecutive session of adjustment this week. Despite the dip, market analysts remain optimistic about potential rebounds as investors recalibrate their strategies in response to evolving market conditions.
A decline in the share prices of Conoil and 31 other stocks contributed to the bearish performance at the Nigerian Exchange (NGX), with market capitalization dropping by ₦48 billion or 0.07%, closing at ₦66.436 trillion, down from ₦66.484 trillion recorded the previous day.
Similarly, the All-Share Index (ASI) fell by 77.37 basis points, representing a 0.07% decline, to close at 106,090.38 basis points, compared to 106,167.75 basis points on Tuesday.
The market downturn reflects cautious investor sentiment, with analysts closely monitoring trends for potential recovery signals.
The midweek trading session ended with a total of 1,498,849,693 units of shares that exchanged hands in 11,748 deals.
The market sentiment as measured by market breadth ended negative; 19 equities made it to the gainer’s list relative to 32 decliners.
On price movement, top gainers for the day were Tantalizer, NSLTECH, Caverton and FTN Cocoa Processors, among others with a 9.99 percent, 9.68 percent, 9.09 per cent and 6.51 percent profit on their respective share prices to close at N3.14k, N0.68k, N3.00 and N1.80k.
On the other hand, Conoil, Berger, INTENEGINS and Multiverse, among others, led the losers chart with a 10 percent, 9.81 percent, 9.79 per cent and 9.66 percent decrease on their respective share prices to close at N331.20, N18.85k, N1.75k and N7.95k.
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