Equity investors on the Nigerian Exchange Limited (NGX) lost N110.16 billion on Wednesday as sustained selling pressure extended the market’s decline to a sixth consecutive session.
The loss pushed total market capitalisation down from N162.495 trillion on Tuesday to N162.39 trillion, representing a 0.07 per cent decline.
Similarly, the benchmark NGX All-Share Index (ASI) fell by 176.75 points, or 0.07 per cent, to close at 250,096.75 points, compared with 250,273.50 points in the previous session.
The latest decline indicates continued investor caution across key segments of the equities market, with profit-taking weighing particularly heavily on banking, consumer goods and oil and gas stocks.
Despite the negative close, trading activity remained strong, with 446.91 million shares exchanged in 38,808 deals, indicating that investors continued to reposition their portfolios even as the broader market weakened.
The Financial Services sector remained the major centre of activity, accounting for a substantial portion of the day’s transactions.
The Main Board recorded 325.56 million shares in 24,440 deals, while the Premium Board accounted for 90.61 million shares in 11,580 deals.
Some of the most actively traded stocks included Zenith Bank Plc, with 34.90 million shares; Critical Minerals Financing Corp Plc, 32.76 million shares; Access Holdings Plc, 25.28 million shares; and Sovereign Trust Insurance Plc, 24.37 million shares.
The concentration of activity in financial stocks suggests that investors remained focused on highly liquid counters despite the broader market correction.
The banking sector recorded the sharpest decline among the major sectoral indices.
The NGX Banking Index dropped 0.36 per cent from 2,653.93 points to 2,644.49 points, reflecting broad-based selling across several major lenders.
Wema Bank led the decline, falling 3.02 per cent to N30.55, while Ecobank Transnational Incorporated dropped 1.47 per cent to N67.00.
United Bank for Africa declined 1.22 per cent to N44.50, Access Holdings shed 0.99 per cent to N30.00, while Guaranty Trust Holding Company fell 0.75 per cent to N131.50.
The losses were only partially offset by gains in Zenith Bank, which rose 0.22 per cent to N135.80, and Stanbic IBTC Holdings, which appreciated 1.11 per cent to N163.90.
The NGX Oil/Gas Index slipped 0.09 per cent from 6,243.33 points to 6,237.88 points.
Oando Plc was the major drag, falling 3.23 per cent to N33.00, while Seplat Energy remained unchanged at N16,000.10.
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The NGX Consumer Goods Index also declined 0.08 per cent, closing at 4,023.60 points against 4,026.81 points previously.
Dangote Sugar Refinery fell 2.14 per cent to N68.50, while PZ Cussons Nigeria declined one per cent to N69.00, offsetting gains recorded by selected stocks in the sector.
The insurance sector provided some respite from the broader sell-off.
The NGX Insurance Index rose marginally from 1,093.41 points to 1,093.69 points, supported by significant gains in selected insurance companies.
Coronation Insurance surged 9.24 per cent to N2.60, Guinea Insurance gained 6.85 per cent to N0.78, while Regency Alliance Insurance appreciated 2.78 per cent to N0.74.
However, the gains were moderated by a 7.60 per cent decline in Sovereign Trust Insurance, which closed at N2.31.
The NGX Industrial Index was also broadly stable, edging up from 10,440.61 to 10,440.80 points.
Dangote Cement remained unchanged at N1,066.70, while BUA Cement also held at N297.00.
Cutix rose 2.09 per cent to N2.44, while Tripple Gee and Company recorded a stronger gain of 9.96 per cent to N3.09.
While the overall market remained under pressure, some stocks attracted renewed buying interest.
Champion Breweries gained 9.50 per cent to N10.95, Multi-Trex Integrated Foods rose 8.33 per cent to N0.39, while Cadbury Nigeria advanced 2.93 per cent to N59.70.
The mixed performance suggests that investors were not exiting the market indiscriminately but were selectively rotating funds towards counters perceived to offer stronger near-term value.
Performance across the various market segments was also predominantly negative.
The NGX Main Board Index declined 0.11 per cent to 10,851.32 points, while the NGX Premium Index also closed lower at 31,511.96 points.
The NGX Growth Index recorded the sharpest decline among the major board-level indicators, shedding 0.74 per cent to finish at 26,917.70 points.
With the market now recording six consecutive sessions of decline, investor sentiment remains under pressure. However, the relatively high trading volume suggests that market participants continue to actively reposition their portfolios rather than retreating entirely from equities.
The immediate direction of the NGX is likely to depend on whether the ongoing profit-taking broadens further across major sectors or gives way to renewed bargain hunting in stocks that have suffered the recent sell-off.