Nigerian Exchange Lost N70bn over Selloffs in Tier-1 Banks
Sell pressures on Tier-1 banks dragged the Nigerian Exchange (NGX) market capitalisation downward by N70 billion. The local bourse recorded negative price movement in First Holdco, Zenith Bank, UBA, and Access Holdings Plc, including mid-cap stocks.
Decliners include OANDO (-4.76%), ACCESSCORP (-4.17%), INTBREW (-3.06%), FCMB (-2.11%), UNILEVER (-2.02%), FIDELITYBK (-1.84%), UBA (-1.74%), FIRSTHOLDCO (-1.21%), WAPCO (-0.94%), UCAP (-0.79%), STERLINGNG (-0.50%), and ZENITHBANK (-0.21%).
As a result of profit-taking activities, key market performance indicators dropped by 0.10%, while year-to-date return moderated to 6.50%. The negative market reaction followed Apex Bank’s decision to maintain the current interest rate, prompting cautious sentiment among investors.
Today, the market index decreased by 111.37 basis points, representing a decline of 0.10% to close at 109,619.10 index points. However, market activities were mixed as the total volume of trades in the market increased by 33.62%, while the total value dropped by 1.64%.
In a note, Atlass Portfolios Limited told investors that approximately 664.16 million units valued at ₦12,996.19 million were transacted across 19,439 deals.
In terms of volume, JAPAULGOLD led the activity chart, accounting for 13.57% of the total volume of traded on the exchange, followed by TANTALIZER (12.47%), FIDELITYBK (10.20%), NB (7.88%), and CUSTODIAN (5.50%), rounding out the top five.
NB emerged as the most traded stock in value terms, accounting for 24.13% of the total value of trades conducted on the exchange.
RTBRISCOE topped the advancers’ chart with a price appreciation of 10.00 percent, trailed by EUNISELL (+9.75%), LIVESTOCK (+9.61%), LINKASSURE (+9.46%), MEYER (+8.89%), MBENEFIT (+8.70%), and twenty-three others.
Twenty-seven stocks depreciated, according to data from the Nigerian bourse. CHAMPION and LASACO were the top losers, with a price depreciation of -10.00% each. Other decliners include MULTIVERESE (-7.22%), TANTALIZER (-6.47%), OANDO (-4.76%), ACCESSCORP (-4.17%), and INTBREW (-3.06%).
Stockbrokers reported that the market breadth closed positive, recording 29 gainers and 27 losers. Meanwhile, the sectoral performance was negative, as three out of the five major market sectors were down.
The banking sector declined by 0.82%, followed by the oil & gas sector, which shed 0.48%, and the industrial sector, which fell by 0.11%. The insurance and consumer goods sectors recorded a gain of 1.14% and 0.49%, respectively.
Overall, the equities market capitalisation of the Nigerian Exchange fell by approximately ₦70 billion to close at ₦68.90 trillion. #Nigerian Exchange Lost N70bn over Selloffs in Tier-1 Banks Nigeria’s Banking Sector Stable, CBN Reassures Nigerians
