Banking stocks drag market lower despite gains in insurance and selected equities…..
The Nigerian equities market remained under pressure on Tuesday as renewed selling dragged the market into its fifth consecutive session of losses, wiping another N256 billion off investors’ holdings.
Market capitalisation fell from N162.751 trillion in the previous session to N162.495 trillion, while the benchmark NGX All-Share Index, ASI, declined by 0.16 percent, or 394.36 points, to close at 250,273.50 points.
The latest decline extends the market’s losing run to five sessions, dating back to Tuesday, September 29, 2026.
Trading activity also weakened during the session, with investors exchanging 579.17 million shares in 40,979 deals.
That represents a 33.83 percent decline in traded volume from the 875.26 million shares recorded in the previous session, while the number of deals fell by 23.83 percent from 53,797.
Banking stocks weigh on market
The banking sector was at the centre of Tuesday’s trading activity, accounting for some of the market’s largest volumes while also contributing to the broader decline.
Access Holdings led the volume chart, with 192.58 million shares changing hands in 1,887 deals. The stock closed 0.49 percent lower at N30.30.
United Bank for Africa followed with 32.75 million shares traded, closing marginally higher by 0.11 percent at N45.05.
Zenith Bank recorded 30.82 million shares in transactions and gained 0.07 percent to N135.50, while Fidelity Bank rose 3.42 percent to N24.20 after 29.92 million shares were traded.
Guaranty Trust Holding Company also featured prominently, with 19.56 million shares changing hands as the stock gained 0.23 percent to N132.50.
Across the market, Main Board equities accounted for 294.51 million shares in 25,552 deals, while Premium Board stocks recorded 270.33 million shares across 12,639 transactions.
Tripple Gee leads gainers
Despite the broader downturn, some equities recorded significant gains.
Tripple Gee & Co. emerged as the day’s strongest performer, rising 9.77 percent from N2.56 to N2.81.
Livestock Feeds gained 9.74 percent to close at N10.70, while NPF Microfinance Bank advanced 9.52 percent to N4.60.
Sovereign Trust Insurance rose 8.23 percent to N2.50, and Coronation Insurance gained 7.69 percent to N2.38.
At the other end of the market, Critical Minerals Fin. Corp posted the steepest decline, falling 9.88 percent from N4.05 to N3.65.
ABC Transport dropped 9.70 percent to N6.05, while CWG declined 7.23 percent to N19.25.
Zichis Agro Allied lost 6.58 percent to N17.05, while Neimeth International Pharmaceuticals fell 6.17 percent to N7.60.
Insurance bucks broader downturn
Market breadth remained negative, with 34 stocks recording price declines compared with 26 gainers.
The sectoral performance was mixed, however, with the insurance sector emerging as one of the few bright spots.
The NGX Insurance Index gained 0.53 percent to 1,093.41 points, supported by strong performances from Sovereign Trust Insurance, Coronation Insurance and Guinea Insurance, which rose 8.23 percent, 7.69 percent and 7.35 percent respectively.
The NGX Banking Index, however, fell 1.25 percent to 2,653.93 points.
First HoldCo was among the major drags on the index, dropping 5.09 percent to N142.50. Ecobank Transnational Incorporated declined 2.72 percent to N68, while Wema Bank lost 1.43 percent to N31.50.
The NGX Consumer Goods Index slipped marginally by 0.04 percent to 4,026.81 points. Gains in PZ Cussons, which rose 4.97 percent to N69.70, were largely offset by a 4.06 percent decline in Unilever Nigeria to N99.30.
The NGX Industrial Index was virtually unchanged, edging up 0.003 percent to 10,440.61 points, while the NGX Oil & Gas Index also remained broadly flat, declining 0.002 percent to 6,243.33 points.
With the market now five sessions into its latest downturn, investors will be watching for signs of a reversal as selling pressure continues to weigh on equities and trading activity remains subdued.
