The Nigerian Exchange Limited (NGX) experienced a downturn as negative sentiment in banking and other major stocks wiped ₦445 billion off the market capitalization. The All-Share Index (ASI) fell by 708.14 points or 0.68%, closing at 103,851.88 points, while the market cap dropped to ₦65.26 trillion.
Large-cap stocks such as Zenith Bank, GTCO, Custodian & Allied, and UACN contributed to the bearish momentum. The banking sector led sectoral losses with a 4.67% decline, followed by a marginal 0.05% dip in oil and gas. However, insurance and consumer goods sectors saw gains of 0.8% and 0.34%, respectively.
Despite the losses, market breadth was positive with 25 gainers and 19 losers. Top gainers included:
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Abbey Mortgage Bank: +9.99% to ₦8.15
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Sovereign Trust Insurance: +7.69% to ₦0.98
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Nigerian Exchange Group: +7.30% to ₦33.80
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Fidelity Bank: +6.74% to ₦18.20
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Deap Capital Management: +6.67% to ₦0.96
On the losers’ chart, IMG dropped 10% to ₦34.20, while Guinea Insurance fell 9.52% to ₦0.57. DAAR Communications, C&I Leasing, and Custodian Investment also posted losses.
Total trade volume stood at 351.66 million units, valued at ₦13.71 billion in 12,141 transactions. Access Holdings led the volume chart with 68.2 million shares traded, followed by GTCO, FCMB Group, UBA, and Chams Holding Company.
Market analysts expect bearish sentiment to persist in the absence of positive economic triggers.
