NGX Slumps over Selloffs in Banking Stocks

NGX Slumps over Selloffs in Banking Stocks

The Nigerian stock market traded with bearish sentiments as profit-taking activities in ZENITHBANK and FBNH triggered a 2bps decline in the benchmark index.

Zenith lost 1.8% of its valuation while FBNH dropped by 0.9% amidst weak buying sentiments in the local bourse.

Consequently, the All Share Index (ASI) decreased by 8.83 points, representing a decline of 0.02 per cent to close at 51,944.58 from 51,953.41 on Wednesday.

Similarly, the market capitalisation lost N5 billion or 0.02 per cent to close at N28.295 trillion as against N28.3 trillion posted in the previous session.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; May & Baker Nigeria, Zenith Bank, Nigerian Exchange Group, Fidelity Bank and Africa Prudential.

Also, market breadth closed negative, with 18 gainers and 21 losers. Transnational Corporation (Transcorp) recorded the highest price gain of 10 per cent to close at N1.54, per share.


Wapic Insurance followed with a gain of 9.69 per cent to close at 42k, while Champion Breweries rose 7.64 per cent to close at N4.93, per share.

Mutual Benefits Assurance went up by 6.25 per cent to close at 34k, while Prestige Assurance appreciated by 5.26 per cent to close at 40k, per share.

On the other hand, May & Baker Nigeria led the losers’ chart by 10 per cent to close at N4.05, per share, per share.

Ikeja Hotel followed with a decline of 9.24 per cent to close at N1.08, while Multiverse Mining and Exploration lost 7.60 per cent to close at N2.31, per share.

Academy Press lost 6.67 per cent to close at N1.26, while NPF Microfinance Bank shed 6.32 per cent to close at N1.78, per share.

However, the total volume traded rose by 18.72 per cent to 302.920 million units, valued at N2.023 billion, and exchanged in 3,743 deals.

Transactions in the shares of Transnational Corporation (Transcorp) topped the activity chart with 107.213 million shares valued at N162.832 million.

Fidelity Bank followed with 39.31 million shares worth N206.01 million, while United Bank for Africa (UBA) traded 22.60 million shares valued at N190.36 million.

Zenith Bank traded 20.61 million shares valued at N521.29 million, while FCMB Group transacted 12.61 million shares worth N47.83 million.

Performance across sectors was mixed, as the Banking (-1.1%) and Insurance (-0.3%) indices declined, while the Industrial Goods (+0.2%) and Consumer Goods (+0.1%) indices advanced. On the other hand, the Oil & Gas index closed flat. #NGX Slumps over Selloffs in Banking Stocks

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ogochi Ndubuisi is creative content manager with interest in marketing and advertisement. Ogochi supports MarketForces Africa's clients corporate communication units with content development and liaise with media unit for disseminable product information.