Equities investors on the Nigerian Exchange Limited (NGX) lost N71895bn on Wednesday as renewed sell-offs in banking stocks, including FirstHoldco, Guaranty Trust Holding Company (GTCO), Zenith Bank and FCMB, dragged the market lower.
The market’s All-Share Index declined by 1,10728 basis points, representing a 0.44 per cent drop, to close at 252,882.78 points. Consequently, market capitalisation fell to N164.19tn from its previous level.
The bearish performance was driven largely by profit-taking in medium- and large-cap stocks that had recorded recent gains, with the banking sector accounting for the biggest decline
According to market data, FirstHoldco led the losers’ chart, shedding 10 per cent, followed by TrippleG, which fell 551 per cent.
E-Tranzact, Royal Exchange and FTG Insurance each declined by 476 per cent, while Livestock Feeds lost 4.63 per cent.
Market activity also weakened significantly, with total trading volume and value declining by 9228 per cent and 93.68 per cent, respectively.
In its market update, Atlass Portfolio Limited said approximately 40411 million shares, valued at N27.91bn, were traded in 39,012 deals.
United Bank for Africa (UBA) accounted for 967 per cent of total traded volume, followed by Access Holdings at 7.72 per cent, Zenith Bank at 7.68 per cent, GTCO at 6.61 per cent and FTG Insurance at 4.11 per cent.
Dangote Cement topped the value chart, accounting for 1772 per cent of the total value of transactions on the exchange.
Despite the overall market decline, 25 stocks recorded gains, while 30 depreciated, leaving market breadth negative
Sovereign Trust Insurance led the gainers, appreciating by 10 per cent, followed by Austin Laz at 921 per cent and UBA at 6.83 per cent.
Other advancing stocks included CMFC, which gained 571 per cent; University Press, up 4.60 per cent; and TIP, which rose 4.52 per cent.
Sectoral performance was largely negative, with four of the five major sectors closing lower
The banking sector recorded the steepest decline of 236 per cent, followed by industrial goods, down 0.31 per cent. Insurance fell 0.13 per cent, while oil and gas declined 0.03 per cent.
Consumer goods was the only sector to close in positive territory, gaining 013 per cent.