Selloffs in Zenith, GTCO Drag Nigerian Exchange Lower by N89bn
A raft of selloffs on Nigerian big banks, Zenith and GTCO dragged the equities market capitalisation of the Nigerian Exchange downward by N90 billion midweek following interest rate hike. After two consecutive bullish in the week, the benchmark index shed 16bps to close at 98128.00 points.
The bearish outturn was fueled by negative investor interest in the banking tickers such as ZENITHBANK, GTCO, UBA and Fidelity Bank, daily price list posted on the Exchange showed.
stockbrokers report that the losses sustained by the banking tickers dragged equities market capitalisation down by N89 billion to settle at N55.51 trillion at the close of trading session.
Based on the trading pattern, market breadth was also negative at 0.68x, with 22 losers outpacing 15 gainers, according to data obtained from the Nigerian bourse.
TANTALIZER (+8.00%) topped the gainer charts, while TIP (-10.00%) closed as the worst performer. Trade metrics improved, with volume and value up by 21.90% and 5.56% to settle at 271.71 million units and N5.43 billion, respectively.
Ticker: ACCESSCORP topped the volume chart with 35.58 million units traded, accounting for 13.09%, while GTCO topped the value chart with N1.35 billion traded, accounting for 24.81% of the total value traded.
On sectoral performance, the Banking index declined by 2.01% due to selloffs in top banks like ZENITHBANK (-4.62%), GTCO (-3.55%), UBA (-2.16%) and FIDELITYBK (-4.49%).
The Insurance Index followed suit, shedding 0.87% due to selloffs in CORNEST (-9.52%) and AIICO (-1.01%), which masked gains in WAPIC (+7.81%).
In contrast, the Industrial Goods and Consumer Goods indices gained 0.18% and 0.02%, respectively, due to positive sentiment in WAPCO (+4.48%) and NB (+3.46%), respectively. The Oil and Gas index closed flat for the fourth consecutive session. #Selloffs in Zenith, GTCO Drag Nigerian Exchange Lower by N89bn Nigeria Eurobond Slumps after CBN Resumes OMO Auction