The Nigerian Exchange (NGX) witnessed a significant downturn on Wednesday, shedding over N119 billion in market value as profit-taking activities triggered a wave of selloffs, particularly among blue-chip stocks.
Despite a marginally positive market breadth, bearish sentiment prevailed, dragging key performance indices downward by 0.18%, effectively wiping out gains from the previous trading session. The decline was predominantly fueled by sustained selling pressure in heavyweight banking stocks.
Among the most affected equities were Ecobank, Unilever Nigeria, Fidelity Bank, and other market bellwethers. Fidelity Bank and several Tier-1 banking giants recorded price losses amid intensified sell-side activity.
As a result, the benchmark All-Share Index (ASI) slid by 189.74 points, settling at 104,187. However, trading activity on the floor of the Exchange showed a mixed pattern. While total trade volume dipped by 18.23%, the value of transactions climbed 17.64%, indicating heightened interest in high-value stocks.
According to a market update by Atlass Portfolios Limited, investors traded approximately 376.62 million shares worth N11.89 billion across 11,576 executed deals.
GTCO emerged as the most active equity by volume, contributing 16.72% to the day’s total share turnover. It was closely followed by Access Holdings (13.66%), Zenith Bank (8.60%), United Bank for Africa (6.00%), and Mutual Benefits Assurance (4.84%).
GTCO also dominated the value chart, accounting for 34.51% of the total monetary value of trades conducted within the NGX’s equities segment.
On the gainers’ side, LIVESTOCK Feeds and VFD Group led the rally with a 10% price surge each. Other top-performing stocks included NGX Group (+9.86%), WAPIC (+9.60%), Union Dicon (+9.48%), NEM Insurance (+9.32%), and Veritas Kapital (+9.30%), along with 26 additional gainers.
In contrast, 23 stocks closed in the red. The worst performers were NAHCO and Learn Africa, both of which declined by 10%. Other notable laggards included Ecobank Transnational Inc. (-9.90%), Unilever Nigeria (-9.75%), Cornerstone Insurance (-5.39%), Fidelity Bank (-3.24%), and First Holdings Company (-2.38%).
Despite the overall market slump, the market breadth ended in positive territory, with 33 stocks posting gains against 23 losers.
Sectoral performance across the exchange showed a generally negative outlook, with three out of five major indices closing lower. The banking index dipped by 1.60%, while the consumer goods and industrial indices recorded declines of 0.23% and 0.04%, respectively. Conversely, the insurance and oil & gas sectors posted gains of 2.67% and 0.47%.
At the end of the session, the NGX’s total market capitalization dropped by N119.22 billion, closing at N65.47 trillion.
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