Consumer goods rout wipes N1.76trn off NGX
BUA Foods and Unilever lead sector rout as banking stocks extend losses after record rally
The Nigerian equities market extended its losses on Wednesday, shedding N1.76 trillion in a single session as a sharp selloff in consumer goods stocks dragged the benchmark index lower.
The All-Share Index (ASI) closed at 243,967.09 points, down 1.12 per cent from 246,723.57 points the previous day, while market capitalisation fell to N157.49 trillion from N159.26 trillion. The decline pushed the index 4,563 points below Monday’s record close of 248,529.75 points.
The consumer goods sector bore the brunt of the selloff, with its index tumbling 4.93 per cent to 4,106.48 points to emerge as the biggest drag on the market.
BUA Foods led the retreat, shedding 10 per cent to close at N760.60, a loss of N84.50 per share and the heaviest weight on the index among large-cap decliners. Unilever Nigeria followed closely, down 9.97 per cent to N131.40, while UAC Nigeria slipped 2.86 per cent to N170.00.
Banking stocks also continued to weaken. Access Holdings fell 3.01 per cent to N27.40, United Bank for Africa (UBA) declined 2.15 per cent to N45.45, Zenith Bank dropped 1.34 per cent to N124.80, and Guaranty Trust Holding Company (GTCO) eased 0.23 per cent to N128.50.
Analysts attributed the broad decline to continued profit-taking following a four-session rally that had culminated in Monday’s record close.
Not all stocks retreated. Ecobank Transnational Incorporated (ETI) emerged as the top large-cap gainer, surging 9.93 per cent to N71.40.
Nestlé Nigeria added 1.82 per cent to close at N2,800, Nigerian Breweries gained 0.71 per cent to N70.50, and Transcorp rose 1.20 per cent to N38.00.
Among the day’s top gainers, International Energy Insurance and ETI both hit the 10 per cent and 9.93 per cent marks respectively, closing at N4.40 and N71.40.
Trans-Nationwide Express advanced 9.77 per cent to N2.36, Computer Warehouse Group climbed 9.74 per cent to N21.40, while Cornerstone Insurance rose 6.80 per cent to N5.50.
On the losers’ log, BUA Foods and Unilever Nigeria topped the chart alongside John Holt, which fell 9.90 per cent to N9.10, AVA Capital, down 9.50 per cent to N8.10, and Austin Laz & Company, which shed 8.81 per cent to close at N2.90.
Sector performance was largely negative, with consumer goods down 4.93 per cent, industrial stocks down 0.42 per cent, and banking down 0.30 per cent. Insurance was the only major sector to close in the green, gaining 0.71 per cent, while oil and gas edged up 0.02 per cent and the commodity index remained flat.
