NGX Drops as Investors Dump Shares in Big Banks
The Nigerian Exchange (NGX) All-Share Index dropped further on Wednesday as investors dumped shares in some big banks amid earnings releases.
Tier-1 banks: GTCO, Zenith Bank, First Holdco, UBA, and Access Holdings dropped as investor sentiment deteriorated after the regulator’s unusual price-swing warning.
NGX closed today’s trading session in negative territory, as key performance indicators decreased by -0.06%. The decline was largely triggered by continued profit-taking activities in some mid-cap and blue-chip stocks.
Notable decliners include UBA, ZENITHBANK, WAPCO, OANDO, GTCO, ACCESSCORP, and others across key market sectors. Specifically, the market index fell by 114.41 basis points, or 0.06%, to close at 194,370.20.
Also, the Nigerian Exchange market capitalisation fell by ₦73.45 billion to close at ₦124.75 trillion on Wednesday. Stockbrokers reported that the total volume of all trades executed in the local bourse increased by +19.32% while the total value declined by -14.99%.
Atlass Portfolio Limited told investors in a note that approximately 1,357.20 million units valued at ₦45,355.18 million were transacted across 69,642 deals.
FTGINSURE led volume chart, accounting for 14.15% of total transactions volume executed, followed by ZENITHBANK (8.82%), JAPAULGOLD (8.39%), ELLAHLAKES (7.19%), and ACCESSCORP (4.61%).
ZENITHBANK accounted for 24.24% of the total value of all trades executed. On the gainers chart, JAIZBANK with +9.95% price appreciation, trailed by OKOMUOIL (+9.93%), TRANSEXPR (+9.77%), FTGINSURE (+9.72%), CHAMPION (+5.39%), AFRIPRUD (+5.00%), and sixteen others.
A total of fifty-three stocks depreciated, according to the market report. With a price depreciation of -10.00% each, ABCTRANS and RTBRISCOE topped the worst performers’ chart, followed by SKYAVN (-9.98%), HMCALL (-9.93%), VITAFOAM (-9.93%), UNIONDICON (-9.78%), and NGXGROUP (-9.75%).
Hence, the market breadth closed on a negative note, with 22 gainers and 53 losers, while sectoral performance was also negative.
The Insurance sector declined by -3.79%, followed by the Banking sector (-2.07%), the Oil & Gas sector (-0.24%), and the Industrial goods sector (-0.22%). Only the Consumer goods sector increased by +1.19%.
