Onome Amuge
Nigerian equities extended their losing streak on Wednesday as sustained sell-offs across key sectors deepened losses for investors, driving the benchmark index to fresh lows for November and wiping a further N216.6 billion off market capitalisation.
The NGX All-Share Index fell 0.23 per cent to close at 144,646.01 points, while overall market value slipped to N92 trillion, reflecting broad-based risk aversion as portfolio managers continued year-end profit-taking and rebalanced their exposures ahead of the December close. The decline marked the latest in a series of bearish sessions that have now erased around N1.5 trillion in market capitalisation since the start of the week.
Market breadth weakened sharply, with 39 decliners overshadowing 16 gainers, underscoring a decisive tilt toward sell-side activity.
Among individual stocks, the heaviest losses were recorded at the smaller-capitalisation end of the market, which has been particularly sensitive to liquidity shifts in recent days.
UNIVINSURE topped the losers’ chart with a full-limit decline of –10.00 per cent, extending a week-long slide that has raised concerns over persistent exits by speculative traders. The insurance underwriter’s share price trajectory has mirrored broader weakness in the insurance sector, which closed the session down 1.35 per cent, the worst sectoral performance of the day.
Close behind was ABCTRANS, falling –9.95 per cent, as the transport and logistics group faced sustained sell-offs that some brokers attributed to gloomy earnings expectations and reluctance among investors to hold positions into year-end.
LIVINGTRUST dropped –9.92 per cent, reflecting pressures in the mortgage and microfinance segment where valuations have been repriced following slower-than-expected loan book expansion across the industry.
Manufacturing and consumer goods names also appeared on the list of notable laggards. CHELLARAMS fell –9.85 per cent, continuing a multi-week downward trend as import-dependent firms confront high input costs and currency volatility. ROYALEX followed with a –9.76 per cent decline amid ongoing turbulence in the microinsurance and investment services space.
Large-cap weakness was also visible. TRANSCORP, one of the exchange’s most actively traded conglomerates, shed –8.44 per cent.
The depth of declines among these stocks played a central role in pushing overall market sentiment further into negative territory and effectively ensuring that intermittent gains recorded in pockets of the market failed to offset the weight of sell pressure elsewhere.
Even as prices declined, overall trading turnover expanded. Total trading volume rose 34.12% to 892.54mn shares, while market value climbed 40.83 per cent to N23.54 billion. Deal count, in contrast, fell 7.34 per cent to 20,225, indicating fewer but significantly larger transactions.
In a market note, Atlass Portfolio Limited reported that ACCESSCORP dominated turnover, accounting for 54.81 per cent of total market volume and 44.98% of total value traded. The banking giant continues to attract institutional flows due to its liquidity profile and the concentration of foreign investor activity in top-tier banks.
Other heavily traded stocks included TANTALIZER, JAPAULGOLD, ZENITHBANK, and CONHALLPLC, though heightened activity in these counters offered little insulation against the negative broader trend.
The financial sector, long regarded as a stabilising force for the market, remained under pressure. The banking index slid 1.22%, reflecting declines in key names such as ZENITHBANK, which experienced renewed sell pressure, and continued softness in Tier-2 banks that have struggled to regain investor confidence amid balance sheet concerns and subdued earnings growth.
The insurance index posted the sharpest sectoral fall, down 1.35 per cent, with losses in UNIVINSURE, MBENEFIT, and LINKASSURE defining the day’s performance. Analysts say the sector’s weak capitalisation profile and macro-economic headwinds have led investors to rotate out of insurance-linked names.
Oil and gas stocks were likewise muted, falling 0.18 per cent, as global crude prices oscillated and local operators faced pressure from rising operating costs. The industrial goods index was almost flat, closing 0.005 per cent lower, while the consumer goods index emerged as the sole gainer, rising 0.09 per cent on selective interest in food and beverage companies.
Despite the dominant selling pressure, a handful of stocks managed to post notable gains. NCR led the advancers’ board with a +9.85 percent rise, followed by CAVERTON (+9.71%), UACN (+8.33%), MBENEFIT (+7.69%), LINKASSURE (+7.57%), and TANTALIZER (+7.36%).
With year-end portfolio adjustments still underway and uncertainty clouding key macroeconomic indicators, market participants expect further volatility in the coming sessions. Analysts warn that unless corporate outlooks strengthen or macroeconomic stability improves, the market may continue to trade defensively.
Nigeria’s vulnerabilities, fragility in rising FPIs, declining oil output