The Nigerian Exchange (NGX) closed lower on Wednesday as the All-Share Index declined 0.44 percent to 252,882.78 points with First HoldCo Plc falling 10 percent to lead losses among equities.
The benchmark index dropped 1,107.28 points from 253,990.06 points recorded on October 27, reversing part of the gains accumulated earlier in the week.
Equities market capitalisation stood at N164.194 trillion at the close of trading on October 28.
First HoldCo emerged as the biggest equity decliner during the session, falling by N15.50 from N155 to N139.50, representing a 10 percent decline.
The sell-off came as investors continued to digest the financial services group’s nine-month results, which showed a 65.1 percent increase in profit after tax to N744.45 billion but also revealed weaker net interest income and substantial other comprehensive losses.
Tripple Gee declined 5.51 percent from N2.54 to N2.40, while E-Tranzact International fell 4.76 percent to N16.
Royal Exchange and FTG Insurance also declined 4.76 percent each to close at N1 and N1.60, respectively.
Despite the decline in the benchmark index, several equities recorded strong gains.
Sovereign Trust Insurance appreciated by the maximum 10 percent from N1.80 to N1.98, while UPDC Real Estate Investment Trust gained 9.61 percent to N21.10.
Austin Laz & Company advanced 9.21 percent from N2.39 to N2.61, while United Bank for Africa gained 6.83 percent to N43.
UBA’s advance was accompanied by heavy trading activity with investors exchanging 38.48 million shares valued at N1.57 billion, making it the most actively traded equity by volume among the stocks reported during the session.
Overall, investors exchanged 404.11 million shares worth N27.91 billion across 39,012 deals.
Banking stocks accounted for a significant portion of the day’s activity.
Access Holdings recorded 30.74 million shares worth N881.53 million, while Zenith Bank traded 30.57 million shares valued at N3.67 billion.
GTCO recorded 26.33 million shares worth N3.18 billion.
Combined, UBA, Access Holdings, Zenith Bank and GTCO accounted for approximately 126.12 million shares, representing about 31.2 percent of total market volume.
The four banks generated approximately N9.31 billion in turnover, equivalent to about 33.4 percent of the N27.91 billion traded across the equities market.
Wednesday’s decline therefore came amid contrasting performances across major financial stocks with First HoldCo falling by the maximum 10 percent while UBA gained 6.83 percent and led the market by trading volume.
