The local bourse ended the day in negative territory, with the NGX All-Share Index slipping into a corrective phase, declining by 44bps to close at 103,958.75 points. This downturn was largely driven by a 3.75% drop in Dangcem and a pullback in banking stocks, which had seen notable gains in the previous session. The banking sector faced headwinds, with declines in FBNH (-5.49%), Fidelity (-6.00%), UBA (-2.35%), Access Holdings (-2.88%), Sterling Bank (-4.21%), FCMB (-2.95%), and Zenith Bank (-0.39%), pushing the NGX Banking Index lower by 1.21%.Other notable laggards included Dangote Sugar (-2.41%), Transcorp (-0.48%), and MRS Oil (-9.95%),
However, the market saw some bright spots, with gains in Oando (+9.72%), Stanbic IBTC (+8.15%), Okomu Oil (+10.00%), and select penny stocks, which provided modest support to the index.
Market turnover stood decent at N13.6 billion ($8.8 million), supported by active trades in Zenith Bank, Oando, Access, UBA, MTNN, and Nigerian Breweries. Year-to-date, the index remains in positive territory, up by +0.95%. Looking ahead, the market is expected to remain in its correction phase as investors reassess valuations and adjust their positions. With the month-end approaching, portfolio rebalancing activities are also likely to gain momentum.