NGX Falls as Banking, Insurance Stocks Drag, Investors Lose N93bn
Banking and insurance stocks dragged the Nigerian Exchange (NGX) All-Share Index (ASI) lower on Friday, reducing market capitalisation by more than N93 billion.
The Nigerian equity market closed the week on a negative note, with key market performance indicators down 4 basis points amid weak bargain hunting.
Stockbrokers reported sell pressure in some mid-cap and blue-chip stocks across key market sectors, despite a positive market breadth. Notable decliners included MANSARD, GTCO, FCMB, and ETRANZACT, among others.
The market index fell 97.64 basis points to close at 252,269.16, while Market Capitalisation fell ₦63.41 billion to ₦163.80 trillion.
Total trade volume rose 26.86%, while the total value of shares traded fell 70.62%. Traders transacted approximately 3,697.53 million units, valued at ₦23,113.78 million, across 27,205 deals.
By volume, UBA generated 17.81% and was the most traded, followed by FIRSTHOLDCO (8.34%), SUNUASSUR (7.59%), ACCESSCORP (4.80%), and HONYFLOUR (3.71%).
In value traded, FIRSTHOLDCO accounted for 20.82% of total value traded, making it the most-traded stock on the exchange.
CAVERTON led the gainers chart, up +10.00%, followed by FTGINSURE (+9.93%), AUSTINLAZ (+9.91%), LASACO (+9.20%), VERITASKAP (+9.00%), GUINEAINS (+8.86%), and 16 others. A total of twenty-one stocks depreciated.
MULTIVERSE led the decliners, down 9.90%, followed by LIVINGTRUST (-9.69%), ETRANZACT (-8.11%), HMCALL (-4.58%), SOVRENINS (-3.52%), and REGALINS (-3.03%).
Hence, market breadth closed positive, with 22 gainers and 21 losers. Sectoral performance was positive today, with four of the five major market sectors up.
The Insurance sector rose 1.39%, followed by Industrial goods (+0.36%), Banking (+0.34%), and Consumer goods (+0.10%), while Oil & Gas remained unchanged. Nigerian Treasury Bills Yield Dips to 17.85% as Naira Assets Rally
