The equities market of the Nigerian Exchange Limited (NGX) closed on a negative note on Wednesday as sustained sell-offs in bellwether stocks wiped off N781bn from investors wealth.

At the end of the trading session, the market capitalisation dropped to N88.8tn from the previous days N89.6tn, reflecting heightened bearish sentiment across key sectors. Similarly, the benchmark All-Share Index fell by 1,233.87 points, or 0.87 per cent, to close at 140,332.44 points.

This downturn extended the markets week-to-date loss to 3.42 per cent, despite a 5.35 per cent gain in the past four weeks and an overall year-to-date return of 36.34 per cent.

Trading data showed that a total of 573.68 million shares valued at N12.86bn were exchanged in 25,855 deals. This represented a 21 per cent decline in volume and a 10 per cent drop in the number of deals when compared with the previous session.

On the activity chart, Fidelity Bank maintained its lead as the most traded stock by volume with 96.07 million shares worth N1.99bn, followed by Veritas Kapital Assurance with 36.6 million shares, Universal Insurance Company with 32.9 million shares, and Access Holdings with 30.3 million shares. By value, Fidelity Bank also topped the chart, followed by MTN Nigeria, Stanbic IBTC Holdings, Guaranty Trust Holding Company, and Access Holdings.

Market breadth remained negative as 45 equities declined against 17 gainers. SFS Real Estate Investment Trust led the gainers with a 9.99 per cent appreciation to close at N274.15 per share, while Jaiz Bank advanced 9.75 per cent to close at N4.39 per share. Secure Electronic Technology gained 9.38 per cent to settle at N1.05 per share, while Omatek Ventures rose 5.88 per cent to N1.44 per share.

On the losers table, University Press shed 10 per cent to close at N6.30 per share, followed by Thomas Wyatt Nigeria, International Energy Insurance, and Veritas Kapital Assurance, which also recorded 10 per cent losses each. Heavyweight stocks such as BUA Cement and Julius Berger also dragged the market lower, posting declines of 9.96 per cent apiece to close at N151.80 and N132.90 per share, respectively.

Performance across the sectoral indices showed mixed sentiments. The Banking Index stood out with a 0.47 per cent gain, buoyed by renewed interest in tier-one lenders, despite a 3.73 per cent weekly loss and a robust 41.5 per cent year-to-date return. The Consumer Goods Index slipped marginally by 0.04 per cent, while the Oil & Gas Index lost 0.06 per cent. The Pension Index fell 0.23 per cent, and the Premium Index shed 0.71 per cent.

On Wednesday, the Nigerian Exchange continued its bearish run as equities investors lost about N663bn in market value amid sustained sell pressure. At the close of trading, the market capitalisation of listed equities dropped to N89.6tn from N90.3tn recorded in the previous session. Similarly, the All-Share Index declined by 1,047.19 points, or 0.73 per cent, to settle at 141,566.28 points. This reflected a one-week loss of 2.95 per cent, a four-week gain of 6.8 per cent, and an overall year-to-date growth of 37.54 per cent.