Banking Index Slips Amidst Significant Block Trades
The banking index slipped by 37 basis points as some influential investors executed block transactions outside the Nigerian Exchange (NGX) trading platform.
The local bourse trended positively, though buying momentum slowed sharply compared with the previous record. Most of the sell-side casualties in the local bourse were oil and gas names, though there were sell pressures on financial stocks.
The Banking Index fell 37bps, dragged by FCMB, UBA, and ACCESSCORP, according to trading statistics obtained from the Nigerian bourse.
On Tuesday, FIDELITYBK led the volume drive, coming top with 50.90 million, followed by CHAMS 37.36m, TANTALIZER 36.69 million, and ACCESSCORP 30.15 million.
The highest transaction values in the local bourse were led by MTN Nigeria (N2.46 billion), DANGCEM (N2.34 billion), Lafarge Africa WAPCO (N2.26 billion), and ZENITHBANK (N1.21 million).
Notable block transactions were seen in Fidelity Bank, Access Holdings Plc and Dangote Cement. FIDELITY: Several transactions involving 45 million shares were executed at the market price of ₦20.05 ₦20.10 per share, amounting to a trade value of ₦926 million.
DANGCEM: Two transactions totalling 999 million shares were executed at the market price of ₦585.60 per share, amounting to a trade value of ₦585 million.
ACCESSCORP: A transaction totalling 5 million shares were executed at the market price of ₦26.00 per share, amounting to a trade value of ₦130 million.
On sectoral performance, three indexes closed on a positive note. The Insurance (+1.01%) index was the best-performing index, driven by price appreciation in WAPIC (+6.45%) and AIICO (+1.78%).
The Industrial Goods (+0.30%) and Consumer Goods (+0.10%) indexes were also positive, driven by buying interest in BUACEMENT (+0.63%) and INTBREW (+3.57%), respectively.
On the flip side, the Banking (-0.37%) index and Oil & Gas (-0.09%) index were bearish. ## Banking Index Slips Amidst Significant Block Trades Gold Hits Historic High of $4,000 on Global De-dollarisation
