The Nigerian stock market endured another brutal hit on Wednesday, sinking deeper into bearish territory as investors watched in dismay while a staggering ₦289 billion was wiped off market capitalisation.

Market breadth remained overwhelmingly negative, with 37 stocks caught in a downward spiral while only 13 managed to stay afloat—an unmistakable sign of weak investor confidence.

Leading the slump was Livestock Feeds, which crashed by 10 per cent to settle at ₦8.49 per share. Hot on its heels, eTranzact International tumbled 9.40 per cent to ₦5.30 per share, while WAPIC Insurance shed 9.27 per cent, closing at ₦2.35 per share.

The sell-off continued across various sectors, with MRS Oil Nigeria plunging 8.99 per cent to ₦162.00 per share, and pharmaceutical giant May & Baker Nigeria feeling the heat, dropping 8.05 per cent to ₦8.00 per share.

Amid the market chaos, a handful of stocks defied the trend. Julius Berger Nigeria led the gainers, soaring 8.47 per cent to ₦137.00 per share. Omatek Ventures climbed 6.15 per cent to 69k, while UPDC Real Estate Investment Trust edged up 2.69 per cent to ₦3.05 per share.

Wema Bank posted a 2.43 per cent gain, closing at ₦10.55 per share, while Unilever Nigeria advanced 2.12 per cent to ₦38.50 per share, offering a faint glimmer of hope in an otherwise bleak trading session.

Despite the heavy losses, trading volume soared to a staggering 1.37 billion shares, valued at ₦12.375 billion, exchanged in 12,012 deals—a sharp surge from the 349.99 million shares worth ₦8.221 billion recorded in the previous session.

Dominating trading activity was Sovereign Trust Insurance, which moved a remarkable 1.009 billion shares worth ₦989 million. Fidelity Bank followed, exchanging 42.796 million shares valued at ₦723.151 million, while Access Corporation traded 30.614 million shares for ₦698 million.

Other notable high-volume movers included Jaiz Bank, which saw 23.950 million shares worth ₦85.036 million change hands, and Zenith Bank, with 21.630 million shares traded at a total value of ₦1.024 billion.

As investor sentiment remains fragile and market conditions persist in their volatility, all eyes remain on the NGX for any sign of recovery. But for now, the bleeding shows no sign of stopping.