Selloffs: Equity Market Declines by N192bn
Marketforces Africa: Trading activities on equity market of the Nigerian Exchange Ltd. (NGX) ended lower on Thursday, reversing some of the gains recorded Wednesday, due to sell-off in Tier-one bank shares.
Specifically, the market capitalisation decreased by N192 billion or 0.49 per cent to close at N39. 103 trillion from N39.295 trillion on Wednesday.
The selloffs in Tier-one banks shares include Zenith, Guaranty Trust Company (GTCO) and United Bank for Africa (UBA) among others, putting the market in the red.
Also, the All-Share Index (ASI) dropped by 350.72 points or 0.49 per cent to close at 71,457.92 from 71,808.64 recorded on Wednesday.
Consequently, the year-to-date (YTD) return fell to 39.43 per cent.
Market breadth closed negative as 26 stocks declined, while 21 advanced.
First Bank of Nigeria Holdings led the laggard’s table with a decline of 9.86 per cent to close at N26.50 per share.
Secure Electronic Technology followed with 9.64 per cent to close at 75k per share.
Deap Capital Management fell by 9.46 per cent to close at 67k, while Champion Breweries declined by 7.04 per cent to close N3.30 per share.
Also, Tantalizers declined by six per cent to close at 47 per shares.
On the other hand, Multiverse Mining and Exploration led the gainers with 9.91 per cent to close N8.54 per share.
This was followed by AXA Mansard Insurance with 9.76 per cent to close at N4.50 per share, while Scoa Nigeria gained by 9.76 per cent to close at N1.35 per share.
Also, Infinity Trust Mortgage Bank appreciated by 9.52 per cent to close at N1.61 per share.
The Initiates Plc also rose by 9.52 per cent to close at N1.15 per share.
Universal Insurance recorded the highest volume of 52.73 million shares sold at N13.5 million.
Veritas kapital followed with N44.57 million shares traded at N15.32 million.
Nigerian Breweries transacted 37.46 million shares worth N1.39 billion, while Access Holdings sold 34.65 million shares valued at N705.85 million. Nigeria Eurobond Slumps after CBN Resumes OMO Auction
Zenith Bank sold 31.62 million shares worth N1.21 billion.
Analysis of the market activities showed 436.56 million shares valued at N7.55 billion were exchanged in 7, 096 deals compared with a total of 690.01 million shares valued at N12.1 billion exchanged in 8,412 deals on Wednesday.
