NGX banking investors record N79bn loss

By Philemon Adedeji

At the close of trade yesterday, bearish sentiment on the Nigeria Exchange Limited (NGX) continued for the second day of the week primarily driven by selloffs in tier-1 banking names which are, ZENITH BANK (-1.18 per cent), Guaranty Trust Holding Company (GTCO) (-3.14 per cent), and ACCESS CORPORATION (-2.35 per cent) offsetting gains in MTNN (+0.38 per cent), WAPCO (+0.19 per cent), and Nigeria Breweries (NB) (+1.37 per cent).

Absolutely, the NGX All Share Index (ASI) declined by 864.1 basis points to represent 0.23 per cent to close at 64,192.20 index points from 65,056.30 index points it closed for previous trading.

Consequently, the year-to-date (YTD) return fell to 25.25 per cent, while the market capitalisation shed N79.08 billion to close at N34.93 trillion.

The market deterioration was primarily influenced by profit taking activities in significant stocks, including: Zenith Bank, Guaranty Trust Holding Company, Johnholt, Ellahlake, Fidelity Bank and Sovereign Insurance and 31 others.

Analysis of market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 19.09 per cent.

The trade volume increased to  762,097,373 million shares worth  N7.710 billion  were exchanged in 7,935 deals.

AIICO Insurance (+6.06 per cent) led the volume chart with 314.64 million units traded while MTNN (+0.38 per cent) led the value chart in deals worth N947.30 million.

Market breadth closed negative as AbbeyBDS led 23 gainers as against Johnholt that led 37 losers on the laggards log.

Abbeybds and Dangote Sugar emerged as the most price gainer with 10.00 per cent each increased to close at N1.10 and N29.70 per share respective ly. Chellaram rose by 9.87 per cent to close at N2.56 per share.

Tantalizer which recorded as the last fourth gainer went up by 9.68 per cent to close at N0.34 per share and Sunu Assurance which recorded as the last fifth gainer appreciated by 9.09 per cent to close at N0.72 per share.

On the other hand, Johnholts led the losers chart with 10.00 per cent to close at N1.80 per share, Ellah lake which followed dipped by 9.92 per cent to close at N3.54 per share, while Fidelity Bank lost 9.88 per cent to close at N7.75 per share.

Japaulgold which recorded as the last fourth loser suffered 9.71 per cent to close at N0.93 per cent, while Sovereign Insurance which emerged as the last fifth loser shed 9.52 per cent to close at N0.57 per share