Investors Sell Down Big Banks Shares despite Oversize Profits

Equities market lost more than N412 billion on Friday following selling rallies that have persisted on the floor of the Nigerian Exchange (NGX).

After Islamic holding that lasted for three days, the Nigerian equity market resumed bearish trading, extending the market negative sentiment to six consecutive trading days. According to stockbrokers, the market performance indicators dropped by -0.71%.

The local stock market continued from where it stopped before the holiday with rapt of selloff in all the major market sectors, led by the Banking sector, which decline by -4.67%.

Consequently, the market index or the NGX All-Share Index decreased by 732.67 basis points today, representing a decline of -0.71% to close at 102,314.56.

However, market activities level improved. Total volume and total value traded for the day increased by +198.56% and +569.96% respectively.

Atlass Portfolios limited stated in its market update that approximately 734.04 million units valued at ₦21,585.48 million were transacted in 12,491 deals.


UBA was the most traded stock in terms of volume, accounting for 20.30% of the total volume of trades. The Pan African lender was followed by ZENITHBANK (18.52%), GTCO (13.47%), TRANSCORP (9.74%), and ACCESSCORP (6.04%) to complete the top 5 on the volume chart.

Information from the local bourse revealed that ZENITHBANK was the most traded stock in value terms, with 25.41% of the total value of trades on the exchange.

TRANSCORP topped the advancers’ chart for today with a price appreciation of 9.93 percent. The conglomerate was trailed by MORISON which gained +9.87%. Also on the gainers chart were: OANDO (+9.61%), CAVERTON (+8.54%), DEAPCAP (+7.94%), FIDELITYBK (+7.53%), and six others. Naira Suffers Big, CBN Goes Ballistic Against FX Whales

According to stockbrokers’ updates, thirty-five stocks depreciated in the local exchange. DANGSUGAR and GTCO were the top losers, with a price depreciation of -10.00% each.

On the loser chart are: FLOURMILL (-9.87%), FTNCOCOA (-8.82%), ETERNA (-7.85%), ACCESSCORP (-6.76%), and ZENITHBANK (-3.73%). Based on the direction, the market breadth closed negative, recording 12 gainers and 35 losers.

In addition, the market sector performance was negative. All the five major market sectors went south. The Banking sector dropped by -4.67% and the Insurance sector lost -2.45%. The Consumer goods sector declined by -1.07%, the Oil & Gas sector fell by 0.28% and the Industrial sector by shed 0.23%.

Overall, the equities market capitalisation of the Nigerian Exchange  lost ₦412.14 billion, representing a drop of -0.71%, to close at ₦57.86 trillion.

Previous articleNaira: Goldman Sachs Predicts N1000/$ Exchange Rate
Next articleNaira Makes A Huge Recovery, Gains 7.2% Against The Dollar
MarketForces Africa, a Financial News Media Platform for Strategic Opinions about Economic Policies, Strategy & Corporate Analysis from today's Leading Professionals, Equity Analysts, Research Experts, Industrialists and, Entrepreneurs on the Risk and Opportunities Surrounding Industry Shaping Businesses and Ideas.