Banking Stocks Drag NGX Down, Wipe ₦70bn Off Market Value
The Nigerian Exchange (NGX) closed lower as bearish sentiment, primarily driven by sell-offs in top-tier banking stocks, erased about ₦70 billion from the market’s capitalisation.
Notably, major declines in stocks such as FBN Holdings, Zenith Bank, UBA, and Access Holdings Plc contributed significantly to the downward movement, along with losses among mid-cap equities.
Key laggards during the session included OANDO (-4.76%), Access Holdings (-4.17%), International Breweries (-3.06%), FCMB (-2.11%), and Unilever Nigeria (-2.02%). Other decliners were Fidelity Bank (-1.84%), UBA (-1.74%), FBN Holdings (-1.21%), Lafarge Africa (-0.94%), United Capital (-0.79%), Sterling Financial Holdings (-0.50%), and Zenith Bank (-0.21%).
Due to profit-taking by investors, the benchmark index fell by 0.10%, resulting in a moderation of the year-to-date return to 6.50%. The sell-off followed the Central Bank of Nigeria’s (CBN) decision to retain its current monetary policy stance, which tempered investor confidence and appetite for equities.
At the end of trading, the All-Share Index (ASI) shed 111.37 basis points to settle at 109,619.10, representing a 0.10% daily loss. Market turnover showed mixed signals—while the volume of shares traded rose by 33.62%, the overall value of trades dipped slightly by 1.64%.
According to a trading summary by Atlas Portfolios Limited, a total of 664.16 million shares worth ₦12.99 billion were exchanged across 19,439 deals.
Japaul Gold emerged as the most actively traded stock by volume, contributing 13.57% of total turnover. It was followed closely by Tantalizer (12.47%), Fidelity Bank (10.20%), Nigerian Breweries (7.88%), and Custodian Investment Plc (5.50%).
In terms of transaction value, Nigerian Breweries led with 24.13% of the total value traded on the exchange.
On the gainers’ side, RT Briscoe topped the list with a 10.00% increase in share price. Other notable advancers included Eunisell (+9.75%), Livestock Feeds (+9.61%), Linkage Assurance (+9.46%), Meyer Plc (+8.89%), and Mutual Benefits Assurance (+8.70%). In total, 29 stocks posted gains.
Meanwhile, 27 equities recorded losses. Champion Breweries and LASACO Assurance led the losers with a 10.00% drop each. Other significant decliners included Multiverse Mining (-7.22%), Tantalizer (-6.47%), OANDO (-4.76%), Access Holdings (-4.17%), and International Breweries (-3.06%).
Despite the losses, the market breadth remained positive, with more gainers than losers. However, performance across key sectors was largely negative. The banking sector was down by 0.82%, oil & gas fell by 0.48%, and the industrial goods sector dropped by 0.11%. Conversely, the insurance and consumer goods sectors rose by 1.14% and 0.49%, respectively.
By the close of trading, the total market capitalisation had declined to ₦68.90 trillion, down by ₦70 billion from the previous session.
