The Nigerian equities market closed on a bearish note on Wednesday, reversing previous gains as heavy selling pressure in major banking and financial stocks dragged the key performance indicators lower.
The All-Share Index dropped by 0.32 per cent or 794.64 points to settle at 245,116.49 points, down from 245,911.13 points recorded on Tuesday. Correspondingly, market capitalisation shed N515.95bn to close at N159.15tn compared to N159.67tn in the previous session, representing a similar 0.32 per cent decline.
Sectoral performance reflected broad-based weakness across major indices. The NGX Banking Index spearheaded the downturn with a 1.49 per cent contraction to close at 2,456.31 points, pressured by notable drawdowns in tier-one and tier-two lenders. Access Holdings recorded a significant loss of 6.12 per cent to close at N26.10, while First HoldCo dropped 4.59 per cent to N131.00.
Zenith Bank dipped 1.21 per cent to N122.00, and Ecobank Transnational Incorporated slid 1.47 per cent to N67.00. Guaranty Trust Holding Company, United Bank for Africa, and Wema Bank also closed lower, falling 0.08 per cent, 0.24 per cent, and 0.33 per cent to settle at N122.40, N41.90, and N30.00, respectively. Conversely, Fidelity Bank provided a key buffer within the sector, advancing 6.02 per cent to close at N22.00.
The NGX Insurance Index also suffered a decline, dropping 1.41 per cent to 1,053.31 points as insurance stocks faced heightened profit-taking. Custodian Investment was among the top decliners in the sector, losing 7.57 per cent to close at N64.70, while Royal Exchange fell 7.41 per cent to N1.00. Consolidated Hallmark Holdings lost 7.14 per cent to settle at N6.50, and Regency Alliance Insurance dropped 6.41 per cent to N0.73. Sovereign Trust Insurance, Fortis Global Insurance, and International Energy Insurance fell by 5.58 per cent, 4.74 per cent, and 3.33 per cent to N2.03, N1.81, and N2.03, respectively.
AIICO Insurance appreciated 5.00 per cent to N3.80, Veritas Kapital Assurance gained 5.56 per cent to N1.14, and Guinea Insurance rose 2.41 per cent to N0.85.
In the Consumer Goods space, the NGX Consumer Goods Index lost 0.43 per cent to close at 4,024.83 points. Declines in International Breweries, which dropped 5.00 per cent to N9.50, and Honeywell Flour Mill, down 1.41 per cent to N17.50, weighed on the sector. However, Dangote Sugar Refinery managed a modest gain of 0.37 per cent to close at N67.00.
The NGX Industrial Index remained virtually flat, sliding marginally by 0.001 per cent to 10,258.94 points. Although Austin Laz and Cutix fell 9.92 per cent and 2.58 per cent to N3.18 and N2.27, respectively, Meyer Plc provided support by advancing 9.72 per cent to N17.50.
On the flip side, the NGX Oil/Gas Index emerged as the sole gaining sectoral benchmark, advancing 0.12 per cent to close at 6,197.74 points. Market sentiment in the sector was boosted by Oando, which rose 4.50 per cent to N36.00, and Japaul Gold & Ventures, which gained 0.80 per cent to settle at N2.53. Other key oil and gas stocks, including Seplat Energy, Aradel Holdings, Conoil, Eterna, and TotalEnergies Marketing Nigeria, maintained their previous closing prices.
LivingTrust Mortgage Bank led the advancers’ chart with a gain of 9.90 per cent to close at N3.22, followed closely by ABC Transport, which surged 9.77 per cent to N7.30. Meyer gained 9.72 per cent to N17.50, Livestock Feeds rose 9.65 per cent to N18.75, and Caverton Offshore Support Group added 6.67 per cent to finish at N4.80. Other notable gainers included NPF Microfinance Bank, AVA Capital, Abbey Bank, Daar Communications, eTranzact International, and Tantalizers.
Conversely, Chams Switch / CWG led the losers’ chart, declining 9.98 per cent to close at N18.05. UPDC Real Estate Investment Trust sank 9.93 per cent to N19.05, while Austin Laz dropped 9.92 per cent to N3.18. Neimeth International Pharmaceuticals slid 9.52 per cent to N7.60, Critical Minerals Financing Corp lost 7.51 per cent to N3.57, and Africa Prudential decreased 5.00 per cent to N10.45. Other stocks that recorded price declines included Thomas Wyatt Nigeria, VFD Group, The Initiates Plc, and Secure Electronic Technology.
Across all listed boards, total equity trading activity saw investors exchange 354.03 million shares valued across 32,514 deals. Financial services dominated trading volume, with Zenith Bank recording 48.21 million shares traded in 2,626 deals, while Access Holdings recorded 40.98 million shares across 1,718 deals.
Outside equities, Exchange Traded Funds posted 243,433 units traded across 548 deals, led by gains in Vetiva Consumer Goods ETF, Meristem Growth ETF, and Meristem Value ETF, while Stanbic IBTC ETF 30 and Vetiva Sovereign Bond ETF ended in negative territory. In the debt market, 108,720 bond units were traded across 22 deals, highlighted by activity in Dangote Cement’s 2034 Series bond, Chapel Hill Denham’s DIF 2032 bond, and various FGN Sukuk papers.