The NGX All-Share Index (ASI) declined for the second day running.
The NGX-ASI has been declining since the Easter holidays ended with the market continuing a bearish movement.
The ASI dropped 336.82 points to close at 104,181.32 points, down from the previous session’s close of 104,518.14 points.
The total market capitalisation saw a significant decline of N190.45 billion, finishing at N58.905 trillion, which is a 0.32 percent decrease from the previous value of N59.095 trillion.
The decline recorded on Wednesday was primarily due to the underperformance of Nigeria’s most capitalised Stocks also known as SWOOTs.
The banking sector witnessed a downturn in earnings, with FBN Holdings experiencing a 5.02 percent fall, and both GTCO and Zenith Bank seeing their stock values diminish by 1.23 percent.
Conversely, the bulk of the SWOOT group, encompassing entities such as AIRTELAFRI, BUA Cement, BUAFOODS, DANGCEM, GEREGU, MTNN, SEPLAT, TRANSCOHOT, and TRANSPOWER, showcased resilience by keeping their stock prices constant despite market volatility.
Universal Press Plc (UPL) emerged as the leader among 21 advancing stocks, with its share price increasing by 9.84 percent.
INTENEGINS and CAVERTON were among the most impacted, with their shares falling by 10 percent each, amidst 32 declining stocks.
Meanwhile the volume of transactions in the market fell to 10,364 deals, a reduction from the 12,925 transactions recorded in the previous trading session.
ACCESSCORP was at the forefront of trading volume, with an impressive 50 million units, closely tailed by UBA with 49.01 million units. Other stocks that stood out included TRANSCORP with 45.95 million, ZENITHBANK with 41.88 million, and GTCO with 29.70 million units traded.
In terms of market value, the decline persisted at 39.04 percent, translating to a N5.71 billion reduction, ending the session at N8.91 billion, down from N14.61 billion in the last session.
ZENITHBANK was the major contributor to this total, with shares amounting to N1.86 billion, followed by GTCO at N1.57 billion, UBA at N1.37 billion, ACCESSCORP at N1.24 billion, and TRANSCORP contributing N612.79 million.