Sell-Offs in Banking stocks, others drag Nigeria’s bourse lower

Investors’ fortune reduced significantly as the Nigerian Stock Exchange  recorded sell-offs in bellwether stocks on Monday.

Data shows that thirty three companies stocks values nosedived with few gainers as both market cap and index share the bearish trend.

Following sell-offs on bellwether stocks in the Banking and other sectors, the market breadth closed negative, recording 5 gainers against 33 losers.

Market capitalisation dropped off N181.08 billion, representing a dip of 1.27% to close at N14.09 trillion.

Then, the All-Share Index (ASI) decreased by 347.59 absolute points, representing a decline of 1.27% to close at 27,041.03 points.

GTI Securities stated in its analyst’s note that LAWUNION emerged as the top gainer while GLAXOSMITH, NCR & BOCGAS emerged as top losers.

Meanwhile, the downtrend was impacted by loses recorded in large and medium capitalized stocks, amongst which are; CADBURY (-9.89%), UBN (-9.21%), FBNH (-7.83%), UBA (-7.43%) and ACCESS (-6.38%).

Also in the list are the ZENITHBANK (-3.78%), GUARANTY (-3.76%), NB (-2.99%) and HONYFLOUR (-2.97%).

Foreign Exchange

Also, in the foreign exchange market, the Naira at the official window on Monday closed lower at 306.95/$1, representing a 0.02% appreciation against yesterday’s position.

The Investors and Exporters (I&E) FX window opened at N364.75, traded high at N366.50 and eventually closed at N365.36, representing a 0.30% depreciation against Friday’s closing position.

A total of $480.89 million was transacted through the I&E window today.

Money Market

In the morning market, overnight (O/N) rate closed at 3.30%, representing 0.53% depreciation against Friday’s closing position, while Open Buy-Back (OBB) rate closed at 2.40%, representing 0.60% depreciation against Friday’s position.


The NASD OTC market on Monday closed unchanged as the Unlisted Securities Index (USI) closed at 700.39, against Friday’s closing position.

Similarly, market capitalization closed at N503.55 billion, unchanged against Friday’s position.

However, the aggregate volume and value decreased by 7,114.53% and 1,010.51% respectively, as investors traded a total of 6,026,515 volumes of shares, valued at N68.21 million in 9 deals.