FCMB, Jaiz Bank Drive Banking Index Upswing
Buying interest in FCMB and Jaiz Bank drove the banking index higher on the Nigerian Exchange despite significant profit-taking.
The Nigerian equity market closed in negative territory on Tuesday, with the NGX All-Share Index and market capitalisation both declining by 0.91% following a regulator’s warning about unusual price swings.
The All-Share Index fell by 1,778.95 points to 194,484.61, while market capitalisation declined by ₦1.14 trillion to ₦124.83 trillion. The sell-off was driven by profit-taking in recently appreciated medium and large-cap stocks.
Decliners include BUAFOODS, STANBIC, MTNN, NB, and ARADEL, with the Consumer Goods sector recording the steepest decline. Trading activity was mixed, as total volume traded declined by 4.94% while total value traded surged by 92.58%.
About 1.14 billion shares worth ₦53.35 billion were traded across 72,218 deals. JAPAULGOLD led in volume traded, followed by ACCESSCORP, FTGINSURE, ZENITHBANK, and FCMB, while ARADEL dominated by value traded.
Market breadth was negative, with 26 gainers versus 40 losers, reflecting broader selling pressure. On performance, JAIZBANK led gainers (+10.0%), followed by INFINITY (+9.83%), FCMB (+9.72%), and FTGINSURE (+9.09%).
Meanwhile, DAARCOMM and TANTALIZER (-10.0% each) topped the losers alongside BUAFOODS (-9.99%) and ELLAHLAKES (-9.96%).
Sectoral performance was mixed. The Banking, Oil & Gas, and Industrial Goods indices recorded gains of 1.23%, 0.15%, and 1.92%, respectively, while the Insurance and Consumer Goods indices declined by 1.31% and 4.74%.
The Commodity index closed flat at 0.00%. Trading activity was subdued across most metrics, with the number of deals falling 24.05% to 72,218 and trading volume declining 11.74% to 1.14 billion units.
However, total transaction value surged by 69.27% to ₦53.35 billion, according to Cowry Asset Management Limited. Nigerian Treasury Bills Yield Falls, Real Interest Rate Eases
