The Nigerian stock market ended on a mixed note on Thursday as sharp losses in banking stocks dragged market sentiment despite gains in industrial goods and select consumer and financial equities.
The trading session highlighted a significant investor shift, with liquidity concerns and a weakening short-term outlook triggering a sell-off in key banking names. Market breadth remained largely balanced, with 41 gainers, 38 losers, and more than 120 stocks closing flat.
United Bank for Africa (UBA) led the slump in the banking sector, shedding 8.91 per cent to close at ₦46.00. GTCO also posted a steep loss of 7.87 per cent to ₦93.05, while Zenith Bank and Fidelity Bank declined by 1.32 per cent and 2.09 per cent, respectively. The broad-based decline in banking stocks underscored growing unease over sector fundamentals and the evolving macroeconomic landscape.
However, not all financial stocks were caught in the downturn. First Holdco PLC defied the trend with a strong 9.94 per cent rally to close at ₦35.40, supported by robust trading volume. Access Holdings also gained 2.43 per cent to ₦27.45, suggesting a selective investor appetite for financial institutions with perceived resilience or better fundamentals.
Trading activity remained strong overall, with more than 1.1 billion shares traded across over 37,000 deals. The sectoral breakdown revealed a realignment in investor strategy, as funds rotated out of vulnerable banking names and into sectors seen as more defensive or policy aligned.
The industrial goods sector emerged as the session’s standout performer, driven by institutional demand and optimism over infrastructure-led growth. BUA Cement gained the maximum 10 per cent to close at ₦112.20, while Dangote Cement climbed 9.99 per cent to ₦473.30. Lafarge Africa also added 6.54 per cent to close at ₦114.00.
Consumer goods stocks presented a mixed picture. PZ Cussons Nigeria advanced 7.08 per cent to ₦37.80, and Cadbury Nigeria rose 5.53 per cent to ₦62.95. In contrast, Vitafoam Nigeria dropped 9.37 per cent to ₦80.00 amid profit-taking. BUA Foods remained unchanged at ₦459.00, while Nigerian Breweries inched up by 1.35 per cent to ₦75.00.
The insurance sector saw a split in performance. Cornerstone Insurance gained 8.37 per cent to ₦4.40, and Linkage Assurance rose 7.86 per cent to ₦1.51. On the downside, Coronation Insurance declined by 8.54 per cent, AIICO Insurance fell 4.35 per cent, and Guinea Insurance lost 6.93 per cent. The mixed results point to varying investor confidence, likely tied to company-specific fundamentals or repositioning efforts.
In the oil and gas space, Seplat Energy posted a modest gain to close at ₦5,450.00, while Oando slipped 2.88 per cent to ₦50.50. The technology sector remained relatively quiet, though Chams Holding stood out with a notable 9.96 per cent gain. MTN Nigeria closed flat at ₦400.00, reflecting a cautious approach from investors.
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