The Nigerian equities market closed lower on Wednesday as heavy selling in consumer goods and major banking stocks wiped ₦1.76 trillion off total market capitalization.
The benchmark All-Share Index, ASI, declined by 1.12 percent* to close at 243,967.09 points, down from 246,723.57 points on Tuesday. Consequently, market capitalization fell to ₦157.49 trillion.
The downturn came amid sustained monetary tightening, with the Central Bank of Nigeria retaining its benchmark Monetary Policy Rate at 26.50 percent.
The consumer goods sector recorded the steepest losses. BUA Foods Plc fell by the maximum 10.00 percent* to close at ₦760.60 per share, while Unilever Nigeria Plc* dropped 9.97 percent to ₦131.40.
The banking sector also recorded broad declines, dragging the NGX Banking Index lower. Access Holdings Plc fell 3.01 percent to ₦27.40; Fidelity Bank Plc shed 2.27 percent to ₦21.50; United Bank for Africa Plc* dropped 2.15 percent to ₦45.45; and Zenith Bank Plc declined 1.34 percent* to ₦124.80.
Bucking the trend, Ecobank Transnational Incorporated* gained 9.93 percent to ₦71.40. Jaiz Bank Plc and *Wema Bank Plc also advanced, rising 2.33 percent and 1.58 percent to close at ₦8.80 and ₦28.95 respectively.
The insurance sector* showed resilience. The NGX Insurance Index rose to 1,152.13 points, driven by International Energy Insurance Plc which surged 10.00 percent to ₦4.40, and Cornerstone Insurance Plc which gained 6.80 percent* to ₦5.50.
Market activity remained robust with 39,031 deals executed on over 1.45 billion shares, boosted by high-volume trading in insurance stocks and select technology tickers.
