Banking, Insurance Stocks Drag NGX Index, Investors Lose N878bn
Banking and Insurance stocks wiped about N878 billion from the Nigerian equities market capitalisation on Thursday as the bearish trend persisted. The Nigerian Exchange (NGX) All-Share Index (ASI) declined 61. . .
Banking and Insurance stocks wiped about N878 billion from the Nigerian equities market capitalisation on Thursday as the bearish trend persisted. The Nigerian Exchange (NGX) All-Share Index (ASI) declined 61 basis points (bps), while the year-to-date return moderated further to 44. 15% amid downbeat investor sentiment. Stockbrokers said there was sell pressure in mid-cap and blue-chip stocks, with the Insurance and Banking sectors leading the decline, shedding 2. 46% and 2. 15%, respectively. Investor sentiment remained broadly cautious, with WAPCO (6. 45%), ZENITHBANK (2. 95%), OANDO (3. 63%), GTCO (1. 23%), and others across all major market sectors recording notable price declines. NGX ASI fell by -1,368. 10 basis points in today’s trading session, indicating a -0. 61% decline to close at 224,321. 97, while market cap declined by ₦877. 91 billion to ₦143. 95 trillion. However, market activity was up today, with total volume and total value traded increasing by 75. 24% and 103. 59%, respectively. In a note, Atlass Portfolio Limited told investors that approximately 855. 40 million units valued at ₦28,422. 43 million were transacted across 51,609 deals. STERLINGNG accounted for 53. 86% of trading volume on the local bourse, followed by ZENITHBANK (4. 82%), UNIVINSURE (3. 54%), ACCESSCORP (3. 47%), and FCMB (3. 30%). ARADEL accounted for 16. 81% of the total value of trades executed on the exchange, making it the most actively traded stock. AUSTINLAZ and LEARNAFRCA led the gainers chart, up by +10. 00%, trailed by DAARCOMM (+9. 49%), UPDC (+9. 09%), CAVERTON (+8. 51%), WAPIC (+7. 14%), VFDGROUP (+6. 09%), and five others. A total of thirty-four stocks depreciated. With a price depreciation of -10. 00%, GUINEAINS topped the worst performers’ chart, followed by CMFC (-9. 87%), FTGINSURE (-9. 85%), INTENEGINS (-9. 84%), MCNICHOLS (-9. 80%), and TIP (-9. 79%). Stockbrokers said market breadth closed on a negative note, with 12 gainers and 34 losers. Sectoral performance was negative today, with all five major market sectors declining. The Insurance sector led the decline by -2. 46%, followed by the Banking sector (-2. 15%), the Industrial Goods sector (-1. 00%), the Oil & Gas sector (-0. 23%), and the Consumer Goods sector (-0. 08%). Zenith Bank Rallies as Investors Chase Upside PotentialOgochukwu NdubuisiOgochukwu Ndubuisi is an editorial content strategist and financial news writer at MarketForces Africa, covering a broad range of topics including Nigeria's equity markets, infrastructure development, energy, government policy, corporate finance, and digital economy. With over 2,400 published articles on MarketForces Africa, Ogochi brings depth and consistency to the publication's daily news coverage. Her reporting spans Nigerian Exchange Group market movements, Lagos State infrastructure projects, and federal government economic policies, oil and gas developments, and emerging sectors shaping Nigeria's economic landscape. She also covers Africa-wide stories, including East African market indices, continental investment trends, and cross-border economic developments. Ogochi works closely with MarketForces Africa's editorial and corporate communications teams to deliver accurate, timely, and well-researched content to the publication's professional readership. Ogochukwu Ndubuisi is based in Lagos, Nigeria.