Profit-taking in Banking, Insurance Stocks Drags NGX Southward
Price depreciation in banking, insurance stocks drag the Nigerian Exchange (NGX) southward on Tuesday following a negative swing in the first trading session in the week. However, the local bourse sees an improvement in activities level.
Year to date losses widened as negative sentiment at the local bourse drive two successive trading sessions as the market performance indicators declined, albeit, marginally.
The losing streak follows the price depreciation in Banking and Insurance sectors despite negative returns in the fixed income space. Local investors have been keeping activities in the NGX strong due to scare foreign portfolio interests.
Thus, the All-Share Index dipped by 1.60 basis position, representing a 0.004 per cent decrease to close at 39,251.29. Meanwhile, the stock market capitalization nosedived ₦830 million, representing to close at ₦20.45 trillion.
However, market activities traded bullishly, as the total volume and value traded appreciated by 68.73 per cent and 107.55 per cent, respectively. A total of 355.94 million units of shares valued at ₦2.87 billion were traded in 4,241 deals.
FBNH topped on the volume chart, accounting for 25.93 per cent of the total volume of trades, followed by ACCESS (21.26%), UNIVINSURE (7.09%), UBA (5.17%), and ZENITH BANK (4.02%) to complete the top five on the volume chart.
ACCESS emerged as the most traded stock in value terms, with 24.79 per cent of the total value of trade on the exchange.
UCAP topped the gainers’ table with price appreciation of 8.00 per cent, followed by HONYFLOUR (6.67%), AFRIPRUD (5.79%), STERLNBANK (3.31%), LIVESTOCK (2.33%), ACCESS (1.08%), NB (0.10%) and eight others.
Conversely, CORNERST topped the decliners’ table as its share price declined by 8.77 per cent to close at ₦0.52, as ETI (-4.55%), UACN (-4.09%), NEIMETH (-3.06%), UBA (-1.32%), GTCO (-0.90%), FBNH (-0.67%) and ZENITH BANK (-0.21%) amongst others also decline in price.
The market breadth closed negatively with 15 gainers as against 21 losers. Amid a decline in fundamentally viable stocks and expected interim dividends from the rest of the tier-I banks, analysts at Atlass Portfolios anticipate a moderate recovery in the next trading day.
Profit-taking in Banking, Insurance Stocks Drags NGX Southward
