NGX Tumbles as Investors Sell Tier-1 Banking Stocks
The equity segment of the Nigerian Exchange (NGX) recorded a loss of N78 billion Tuesday following investors’ profit-taking in Tier-1 banking stocks. The trading outing drags year-to-date return lower as market indicators slide.
Overall, equities market capitalisation closed at N26.373 trillion compared with N26.451 trillion posted on Friday. Similarly, the All-Share Index dipped by 144.42 points or 0.29 per cent to close at 48, 879.74 from 49,024.16 recorded on Friday.
Investors dump a large chunk of shares in Zenith Bank, Access Holding, FBN Holding and Guaranty Trust Holding Company (GTCO). As a result, the year-to-date return fell to 14.43 per cent – a large gap between the inflation rate.
Overall there were nine gainers and 21 losers, with Multiverse Mining and Exploration leading the gainers’ chart with 9.76 per cent to close at N4.05 per share.
RTBriscoe followed with a rise of 8.82 per cent to close at 37k, while NGX Group gained by 7.5 per cent to close at N21.50 per share. AIICO Insurance rose by 5.77 per cent to close at 55k per share. Africa Prudential appreciated by four per cent to close at N5.20.
Conversely, International Breweries led the losers’ chat with a depreciation of 9.09 per cent to close at N4.50 per share. Red Star Express declined by 7.83 per cent to close at N2.12, while Sovereign Trust Insurance went down by 7.41 per cent to close at 25k per share.
Japaul Gold and Ventures fell by 7.14 per cent to close at 26k per share. Also, Consolidated Hallmark Insurance lost by 7.02 per cent to close at 53k per share. A total of 125.95 million shares valued at N3.07 billion were exchanged in 4.145 deals.
GTCO recorded the highest volume of 17.19 million shares traded worth N1.26 billion. Zenith Bank followed, having sold 14.39 million shares valued at N283.88million.
United Bank for Africa (UBA) traded 10.67 million shares worth N73.19 million, while NGX Group sold 8.35 million shares amounting to N173.92 million. Also, Chams sold 6.78 million shares worth 1.87 million. READ: Nigeria’s Top Banks Valuations Sink as Investors Take Early Exits
Analysing by sectors, the Insurance (+0.4%), and Oil & Gas (+0.1%) indices advanced, while the Banking (-2.6%) and Consumer Goods (-0.4%) indices closed in the red. The Industrial Goods index closed flat. # NGX Tumbles as Investors Sell Tier-1 Banking Stocks
