The Nigerian Exchange Limited (NGX) recorded a loss of N70 billion on Wednesday as the benchmark index declined by 0.10 percent on persistent sell-offs in banking stocks weighed on overall market sentiment.
At the close of trading, the NGX All-Share Index (ASI) dropped from 109,730.47 points to 109,619.10 points while market capitalisation fell from N68.965 trillion to N68.895 trillion.
The decline was largely driven by negative sentiment in the banking and oil & gas sectors, which overshadowed gains recorded in consumer and insurance equities.
Sectoral performance reflected the market’s weak momentum:
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NGX Banking Index: -0.82%
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NGX Oil & Gas Index: -0.48%
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NGX Industrial Index: -0.11%
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NGX Consumer Goods Index: +0.49%
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NGX Insurance Index: +1.14%
According to analysts at Vetiva Research, “As the week progresses, market direction will hinge on whether consumer resilience can continue to offset sectoral drags from banks and oil & gas. With back-to-back declines in market breadth and increasing selectivity among investors, sustained momentum in consumer goods may be required to keep sentiment afloat.”
The downward trend in the banking sector continues to reflect cautious investor positioning amid earnings uncertainties and macroeconomic headwinds. Key banking counters saw mild to moderate losses as investors locked in gains from recent price appreciations.
Champion Breweries recorded the highest loss of the day, falling 10 percent from N8.00 to N7.20, followed by Lasaco Assurance, which also declined 10 percent from N2.80 to N2.52.
On the gainers’ side, Eunisell Interlinked led with a 9.75 percent increase from N11.80 to N12.95, while Meyer Plc gained 8.89 percent, rising from N9.00 to N9.80.
Market activity remained relatively strong, with 664.16 million shares valued at N12.996 billion exchanged in 19,439 deals.
Japaul Gold, Tantalizers, Fidelity Bank, Nigerian Breweries and Custodian Investment were among the most actively traded stocks, reflecting continued interest in mid- to large-cap counters despite broader weakness.
Investor sentiment remains mixed, with heightened caution driven by macroeconomic uncertainties and sector-specific risks.
Analysts expect a modest rebound if buying interest in consumer and insurance sectors continues, though the outlook remains fragile pending firmer triggers.
With two trading days remaining in the week, market direction will be guided by investor rotation strategies, sectoral performance, and upcoming corporate disclosures.
