The banking sector index slipped further on Tuesday amid sustained sell pressure on Tier-1 banks, compounded by profit-taking in Wema Bank. Data from the Nigerian Exchange (NGX) showed that banking equities were the primary drivers of the day’s market decline, alongside weakness in the insurance sector.
Guaranty Trust Holding Company (GTCO) led the activity chart, trading 32.61 million units valued at ₦3.0 billion. Overall, market sentiment remained weak as 48 losers outweighed just 11 gainers, resulting in a market breadth of 0.23x.
Wema Bank shed 10% of its value, while investors also exited positions in First Holdco, GTCO, United Bank for Africa (UBA), and Access Holdings. Zenith Bank was the lone gainer, managing to buck the recent downward trend.
The banking index fell by 82 basis points, with market participants anticipating Tier-1 earnings reports to potentially spark a re-rating in coming sessions.
First Holdco slipped 0.62% to close at ₦32.1, leaving its market capitalisation at ₦1.344 trillion. UBA lost 1.16% to ₦1.916 trillion in market value, while GTCO declined by 0.5% to ₦3.332 trillion. Access Holdings also fell, closing with a market value of ₦1.378 trillion, ranking as the weakest performer among its peers.
Beyond the banking sector, AIICO Insurance, Consolidated Hallmark Holdings, Wema Bank, and Prestige Assurance all dropped by 10%, leading the list of laggards.
