Nigerian Exchange Loses N109bn as GTCO, UBA, Zenith Bank Dip
Nigerian Exchange (NGX) lost about N109 billion in market capitalisation on Friday as investors dumped shares in top banking names.
Stockbrokers reported sell pressure in tier-1 banks – GTCO, UBA and Zenith Bank among other decliners. The selloffs seen across sectoral names dragged key market performance indicators lower by -0.07%.
Despite a positive market breadth, the NGX declined amid fresh profit-taking activities in recently appreciated mid-cap and blue-chip stocks across key market sectors.
Notable decliners of the day included GTCO, STANBIC, ZENITHBANK, and UBA, among others. Specifically, the market index fell by -167.40 basis points to close at 247,539.73.
Also, market capitalisation fell by ₦108.70 billion to close at ₦160.73 trillion. Overall, the stock market posted a negative week-on-week performance as NGX-ASI lost -0.33%.
Stockbrokers reported that total volume and the total value of all shares traded in the local bourse declined by -10.12% and -14.64%, respectively.
In a note, Atlass Portfolio Limited told investors that approximately 257.73 million units valued at ₦13,070.69 million were transacted across 32,032 deals.
UBA topped volume chart, accounting for 11.12% of all shares traded in the market, followed by ZENITHBANK (6.50%), LIVESTOCK (6.45%), GTCO (5.69%), and JAPAULGOLD with 4.08%.
ZENITHBANK topped value chart, accounting for16.15% of the total value of all shares traded in the local bourse, thereby making it the highest traded on the exchange.
THOMASWY led the gainers chart, up +10.00%, then trailed by ETRANZACT (+9.84%), AUSTINLAZ (+9.77%), OMATEK (+9.59%), LEGENDINT (+9.23%), MULTITREX (+9.09%), and twenty others.
A total of twenty-one stocks depreciated. With a price depreciation of -9.09%, TRANSEXPR topped the worst performers’ chart, followed by CMFC (-8.06%), ROYALEX (-6.48%), NPFMCRFBK (-5.43%), SOVRENINS (-3.64%), and GTCO (-2.27%).
Hence, the market breadth closed on a positive note, as there were 26 gainers and 21 losers. Sectoral performance was negative today as three of the five major market sectors declined.
The Banking sector decreased by -0.94%, followed by the Insurance sector (-0.05%), and the Oil & Gas sector (-0.003%). The Consumer goods and Industrial goods sectors increased by +0.08% and +0.001%, respectively.
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