Banks gave back Tuesday's gains: the NGX slipped 0.32% today

Wednesday's close: the All-Share Index fell 0.32% (-794.64 pts) to 245,116.49, undoing most of Tuesday's 0.26% bounce. About ₦515.95bn came off market value, which now stands at ₦159.15trn. Year to date, the index is still up about 57.5%.

This time the banks did the damage. The Banking Index dropped 1.49%, from 2,493.34 to 2,456.31. ACCESSCO$ACCESSCO fell 6.12%, First HoldCo 4.59%, Ecobank 1.47%, ZENITHBA$ZENITHBA 1.21% and UBA 0.24%. Insurance followed, with its index down 1.41% as Consolidated Hallmark (-7.14%), Regency Alliance (-6.41%) and Sovereign Trust (-5.58%) slipped.

Breadth was clearly negative: 37 stocks fell and only 18 rose. CWG (-9.98% to ₦18.05), UPDC REIT (-9.93% to ₦19.05) and Austin Laz (-9.92% to ₦3.18) led the losers. Austin Laz is a good example of how fast things turn: it was Tuesday's top gainer. On the green side, Livingtrust Mortgage Bank (+9.90% to ₦3.22), ABC Transport (+9.77% to ₦7.30) and Meyer (+9.72% to ₦17.50) led. Activity held up, with 354.03m shares traded across 32,514 deals.

Why it matters: banks are a big slice of the index and of many Nigerian portfolios, so a 1.5% move in the Banking Index can outweigh a lot of small winners. Oil & Gas (+0.12%) was one of the few sectors in the green.

Coming up: Zenith Bank's ₦1.50 interim dividend qualifies Friday, Oct 23, the same day the PZ Cussons scrip election closes. The Dangote Refinery IPO closes Oct 27.

Holding any banks? Add your portfolio on Gopexly and see how days like this hit your own numbers.

Not financial advice, just the close.
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