NGX Tumbles as Investors Unload Big Banks Shares

NGX Tumbles as Investors Unload Big Banks Shares

Shares of Nigerian top banks have been priced downward again as investors rebalance their respective portfolios ahead of third quarter earnings releases. After gaining N116 billion on Tuesday, bearish sentiment returns to the local bourse on Wednesday.

Stock market capitalisation depreciated by N18 billion or 0.07 per cent, to close at N25.889 trillion from N25.907 trillion on Wednesday. Also, the All-Share Index (ASI) fell by 34.08 points or 0.07 per cent to 47,531.84 from 47.565.92 recorded at the previous trading.

The major drivers of the weak performance were FBN Holding, Access Bank Holding, Guaranty Trust Holding Company (GTCO) and United Bank for Africa (UBA).

Also, the market breadth closed negative with 17 stocks declined, while nine others advanced. RedStar Express led the gainers with 8.49 per cent to close at N2.30 per share. May and Baker followed with an appreciation of 3.70 per cent to close N4.20 per share.

Oando rose by 2.72 per cent to close at N4.50, while Conerstone Insurance garnered 1.85 per cent to close at 55k per share. Sterling Bank gained by 1.31 per cent to close at N1.55 per share.

Conversely, Global Spectrum Energy led the loser’s chat with a depreciation of 9.82 per cent to close at N2.48 per share. Honeywell Flour followed dropping by 9.77 per cent to close at N1.94, while Livestock Feeds lost by 9.65 per cent to close at N1.03 per share.

RTBriscoe declined by 8.82 per cent to close at 31k, while Chams shed 7.14 per cent to close at 26k per share.

Analysis of today’s market activities showed that trade turnover settled higher relative to the previous session, with the value of transactions increasing by 92.22 per cent. READ:NGX Gives Up Gain as Investors Unload Shares

A total of 155.18 million shares valued at N3.66billion were exchanged in 3,797 deals. Mutual Benefits Assurance recorded the highest volume of 41.92 million traded shares valued at N11.32 million.

It was followed by GTCO, which sold 28.48 million shares worth N480.09 million, while Zenith Bank holding transacted 11.82 million shares valued at N228.86 million.

Also, Courteville Business Solutions traded 10.21 million shares valued at N4.7 million, while Dangote Cement transacted 8.43 shares worth N2.06 billion.

# NGX Tumbles as Investors Unload Big Banks Shares#

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