Profit taking drags NGX down by 0.45%, investors lose N395bn

The Nigerian Exchange (NGX) closed negative on Wednesday as persistent profit taking by investors, including institutional players, pushed the market further into the red.

The All-Share Index (ASI) dipped 0.45% to settle at 138,157.16 points, down from 138,780.55 points recorded in the previous session.

Similarly, market capitalisation dropped by ₦395 billion to close at ₦87.416 trillion, compared to ₦87.811 trillion on Tuesday.

A total of 483 million shares valued at ₦19.7 billion were traded in 28,193 deals during the session.

Market breadth turns negative

The market closed with 14 gainers against 44 losers, indicating a bearish sentiment.

Top gainers:

Secure Electronic Technology led the chart with a 9.09% rise to ₦0.96 from ₦0.88.

Consolidated Hallmark Holdings gained 8.53%.

John Holt advanced by 7.94%.

Top losers:

Legend Internet, Learn Africa, and DAAR Communication each shed 10% of their share value.

Mansard Insurance fell by 9.95%, while Universal Insurance declined 9.60%.

Volume drivers:

ACCESSCORP dominated activity with 43 million shares worth ₦1.1 billion traded in 1,439 deals.

Fidelity Bank followed with 40 million shares worth ₦844 million in 711 deals.

GTCO recorded 35 million shares valued at ₦3.2 billion in 1,636 deals.

The sustained sell-offs indicate continued profit taking pressure as investors lock in gains amid market volatility.