Banking Index Drags Nigerian Exchange, Investors Lose N545bn
Profit-taking in shares of top big banks knocked about N545 billion off the Nigerian Exchange (NGX) equities market capitalisation, marking the sixth consecutive downturn since last week.
The stock market closed trading on Tuesday in bearish territory, as key performance indicators slipped by 0.35%, driven by sustained selling pressure across major market tickers.
The banking index led the downturn, shedding 1.82% following selloffs in FCMB, FIRSTHOLDCO (5.71%), ZENITHBANK (0.16%), UBA (0.33%), among others.
The NGX All-Share Index fell by -843.42 basis points to close at 241,611.23. Also, stock market capitalisation declined by ₦544.48 billion, closing at ₦155.97 trillion.
Total volume of all trades declined by 67.69% while the total value of all transactions executed, on the other hand, increased by 19.86%. Stockbrokers reported that approximately 429.84 million units, valued at ₦27,480.99 million, were transacted in 35,683 deals.
STERLINGNG topped the volume chart, accounting for 12.36% of all companies’ units traded in the market, followed by FCMB (11.98%), CHAMS (7.77%), VERITASKAP (4.31%), and FIRSTHOLDCO (4.08%).
SEPLAT topped the transaction value chart, accounting for 19.22% of the total value of all trades executed, making it the most actively traded on the exchange.
HMCALL topped the gainers chart, up by +9.97%, trailed by VERITASKAP (+7.09%), TANTALIZER (+5.26%), RTBRISCOE (+4.31%), REGALINS (+3.66%), WAPIC (+2.27%), and sixteen others.
A total of thirty-seven stocks depreciated. With a price depreciation of -10.00%, REDSTAREX topped the worst performers’ chart, followed by TRANSEXPR (-9.94%), MEYER (-9.88%), CHELLARAM (-9.77%), FTGINSURE (-9.70%), and AVACAP (-9.49%).
Hence, market breadth closed on a negative note, with 22 gainers and 37 losers. Sectoral performance was negative today, with four of the five major market sectors declining.
The Banking sector led the decline by -1.82%, followed by the Consumer goods sector (-0.13%), the Oil & Gas sector (-0.01%), and the Industrial goods sector (-0.002%). Only the Insurance sector increased by +0.04%. Global Equities Markets Wobble as US Yields Attract Investors
