Banking, Insurance Stocks Drag NGX Index, Investors Lose N878bn
Banking and Insurance stocks wiped about N878 billion from the Nigerian equities market capitalisation on Thursday as the bearish trend persisted.
The Nigerian Exchange (NGX) All-Share Index (ASI) declined 61 basis points (bps), while the year-to-date return moderated further to 44.15% amid downbeat investor sentiment.
Stockbrokers said there was sell pressure in mid-cap and blue-chip stocks, with the Insurance and Banking sectors leading the decline, shedding 2.46% and 2.15%, respectively.
Investor sentiment remained broadly cautious, with WAPCO (6.45%), ZENITHBANK (2.95%), OANDO (3.63%), GTCO (1.23%), and others across all major market sectors recording notable price declines.
NGX ASI fell by -1,368.10 basis points in today’s trading session, indicating a -0.61% decline to close at 224,321.97, while market cap declined by ₦877.91 billion to ₦143.95 trillion.
However, market activity was up today, with total volume and total value traded increasing by 75.24% and 103.59%, respectively. In a note, Atlass Portfolio Limited told investors that approximately 855.40 million units valued at ₦28,422.43 million were transacted across 51,609 deals.
STERLINGNG accounted for 53.86% of trading volume on the local bourse, followed by ZENITHBANK (4.82%), UNIVINSURE (3.54%), ACCESSCORP (3.47%), and FCMB (3.30%). ARADEL accounted for 16.81% of the total value of trades executed on the exchange, making it the most actively traded stock.
AUSTINLAZ and LEARNAFRCA led the gainers chart, up by +10.00%, trailed by DAARCOMM (+9.49%), UPDC (+9.09%), CAVERTON (+8.51%), WAPIC (+7.14%), VFDGROUP (+6.09%), and five others.
A total of thirty-four stocks depreciated. With a price depreciation of -10.00%, GUINEAINS topped the worst performers’ chart, followed by CMFC (-9.87%), FTGINSURE (-9.85%), INTENEGINS (-9.84%), MCNICHOLS (-9.80%), and TIP (-9.79%).
Stockbrokers said market breadth closed on a negative note, with 12 gainers and 34 losers. Sectoral performance was negative today, with all five major market sectors declining.
The Insurance sector led the decline by -2.46%, followed by the Banking sector (-2.15%), the Industrial Goods sector (-1.00%), the Oil & Gas sector (-0.23%), and the Consumer Goods sector (-0.08%).
