The Nigerian stock market slipped back into negative territory on Wednesday, with investors losing N101 billion following sell-offs in key equities after two consecutive sessions of gains.

Profit-taking in Dangote Sugar, Jaiz Bank, Chemical and Allied Products, Union Dicon Salt and Haldane McCall weighed on overall performance.

At the close of trade, the market capitalisation of Nigerian Exchange Ltd. fell to N126.097 trillion from N126.198 trillion on Tuesday, a decline of N101 billion or 0.08 per cent.

The All-Share Index dropped 158.74 points, or 0.08 per cent, to 196,463.22, compared with 196,621.96 in the previous session. Year-to-date returns eased to 26.25 per cent.
Market breadth remained negative, with 37 stocks closing lower against 22 gainers.

Dangote Sugar and Jaiz Bank led the laggards, each shedding 10 per cent to close at N74.70 and N10.80 per share respectively. Chemical and Allied Products lost 9.97 per cent to N84.85, while Union Dicon Salt declined 9.94 per cent to N14.95. Haldane McCall fell 9.89 per cent to N3.92 per share.

On the gainers’ table, Premier Paint rose 10 per cent to N12.10 per share. Fortis Global Insurance advanced 9.73 per cent to N1.24, while UAC of Nigeria gained 7.78 per cent to N115 per share. Eterna climbed 6.38 per cent to N35, and Custodian Investment added 6.06 per cent to close at N70.

Trading activity weakened compared with the previous session. Volume declined by eight per cent, the value of trades dropped 14 per cent and the number of deals fell 18 per cent.

Investors traded 805.3 million shares worth N38.4 billion in 71,312 deals, against 880 million shares valued at N44.5 billion exchanged in 86,761 deals on Tuesday.

Veritas Kapital recorded the highest volume with 56.42 million shares, representing 7.01 per cent of total turnover.

MTN Nigeria accounted for the highest value of transactions at N7.08 billion, or 18.42 per cent of the day’s traded value.