Equities market reverses bulls as investors lose N185bn

On Wednesday, the Nigerian equities market experienced a pullback from its bullish momentum earlier in the week, as the All-Share Index dropped by 0.29 percent to close at 102,836.13 basis points.

Consequently, investor sentiment weakened amid a wave of sell-offs, erasing N185 billion from market capitalisation. Overall, the market capitalisation of listed equities dropped by 0.29 percent to N63.15 trillion. Consequently, the Year-to-Date returns settled at -0.1 percent.

At the Nigerian Exchange, market breadth was evenly split, with 24 stocks declining and 24 advancing. Leading the losers’ chart were Multiverse Mining and Exploration, May & Baker Nigeria, Prestige Assurance, Guinea Insurance and Red Star Express, as their share prices declined by 9.87 percent, 9.78 percent, 7.69 percent, 7.45 percent and 4.75 percent, significantly dragging overall performance.

Sectoral analysis showed widespread bearish sentiment, with the Insurance sector suffering the steepest decline of 0.91…