The Nigerian Exchange (NGX) experienced another wave of sell-side pressure on Wednesday, with losses in banking and oil sector equities dragging the market lower at midday.
By noon, the All-Share Index (ASI) had fallen by 0.33%, reflecting weakened investor confidence and sustained correction in portfolio values. Market data revealed that equity capitalization dipped further following Tuesday’s staggering N1.33 trillion loss, underscoring the persistent bearish trend.
Market analysts observed that the downward momentum was primarily fueled by heavy sell-offs in mid- to large-cap stocks, particularly in the financial and energy sectors. According to a market update from Alpha Morgan Capital Limited, the NGX was deeply entrenched in negative territory by midday, with projections suggesting a likely negative close by the end of the trading day.
Among the leading intraday losers were CONOIL (-9.98%), International Breweries (-9.03%), AIICO Insurance (-6.98%), Transcorp (-5.72%), and Mansard (-3.99%). Other key decliners included Dangote Sugar (-3.07%), Stanbic IBTC (-2.46%), Sterling Financial Holdings (-2.44%), FCMB (-2.31%), GTCO (-1.05%), AccessCorp (-0.18%), and FBN Holdings (-0.15%).
The recent decline in trading activity has been linked to waning investor sentiment following a slowdown in corporate earnings releases. Market watchers note that the prevailing correction phase has dimmed buying momentum, leaving investors cautious about re-entering the market.
With oil prices facing global headwinds and banking stocks struggling under persistent selling pressure, analysts warn that the bearish sentiment may linger in the short term unless renewed investor appetite emerges from upcoming corporate disclosures or policy shifts.
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