NGX Index Slides on Downturn in Banking, Insurance Stocks
The equities segment of the Nigerian Exchange (NGX) index closed lower as the banking and insurance indexes drained market energy amid selling pressure.
Investors lost about N145 billion as pre-earnings sell-offs persisted. The All-share index (ASI) and market capitalisation declined by 0.09% to 247,513.63 points and N160.7 trillion, respectively.
The sell actions executed triggered losses in FIRSTHOLDCO (-2.25%), GTCO (-1.77%), and ZENITHBANK (-0.78%), among others, especially in insurance names.
The market index fell by -222.61 basis points to close at 247,513.63. The market capitalisation lost N144.54 billion, closing at N160.71 trillion.
However, the total volume and total value of all shares increased by 7.05% and 32.59%, respectively. Stockbrokers reported that approximately 394.20 million units, valued at N21,381.60 million, were transacted in 38,707 deals.
ACCESSCORP was the volume driver, accounting for 14.72% of all shares traded in the market, followed by LIVESTOCK (12.40%), GTCO (6.30%), UBA (5.87%), and ZENITHBANK (4.30%).
GTCO topped the volume chart, accounting for 14.78% of the total value of all trades executed on the local bourse, thereby making it the highest traded on the exchange.
ETRANZACT led the gainers chart, up +9.96%, trailed by WAPIC (+7.83%), DAARCOMM (+7.25%), LIVESTOCK (+6.92%), CHAMS (+5.88%), ETI (+5.22%), and eighteen others.
A total of twenty stocks depreciated. With a price depreciation of -6.85%, LEGENDINT topped the worst performers’ chart, followed by OMATEK (-6.43%), NSLTECH (-5.71%), MBENEFIT (-5.49%), AIICO (-4.39%), and CWG (-3.69%).
Hence, the market breadth closed on a positive note, with 24 gainers and 20 losers.
Sectoral performance was mixed in today’s trading session. The Consumer Goods (+0.14%) and Oil and Gas (+0.11%) indices closed marginally higher, supported by gains in NB (+1.88%) and OANDO (+4.01%), respectively.
Meanwhile, the Insurance (-0.38%) and Banking (-0.79%) indices closed lower, driven by losses in AIICO (-4.39%) and FIRSTHOLDCO (-2.25%), respectively. Elsewhere, the Commodities and Industrial Goods indices closed flat. Lagos Set to Open N200 Billion State Bond for Subscriptions
