Equities market closes negative, amid sell-offs in banking stocks
By Philemon Adedeji
Bearish sentiments continue for the third day of week on the Nigerian Exchange Limited (NGX) All-Share Index (ASI) shed 232.7 basis points to represent 0.42 per cent lower to close at 55,490.20 basis points from 55,722.90 basis points it closed trade on Tuesday, marking its fourth successive session decline.
Selloffs in Zenith Bank (-4.60 per cent), Guaranty Trust Holding Company GTCO (-0.79 per cent) and GEREGU Power (-6.46 per cent) underpinned the market’s weak performance.
Specifically, market capitalisation value shed N126.76 billion to close at N30.228 trillion, as a result, the year-to-date (YTD) return fell to 8.27 per cent.
Analysis of yesterday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 21.02 per cent.
The downturn in price was due to losses recorded in medium and large capitalised stocks which are, United Capital, UPL, Glaxosmith and 16 others
The trade volume decreased to total of 181.19 million shares valued at N3.405 billion were exchanged in 3,908 deals.
GTCO led the volume and value charts with 33.85 million units traded in deals worth N841.95 million
The market sentiments as measured by market breadth closed negative as Prestige Assurance led 11 gaines on the performance board, while United Capital led 19 losers on the laggards logs.
On the performance board, Prestige Assurance came in as the highest price gainer after trading with 7.89 per cent increased to close at N0.41 per share, closely followed by Veritas Kapital Insurance which rose significantly by 5.00 per cent to close at N0.21 per share, while NGXGROUP which recorded as the last third gainer appreciated by 4.87 per cent to close at N28. 00 per share
Unilever plc grew by 3.70 per cent to close at N14. 00 per share, While Japaulgold which recorded as the last fifth gainer went up by 3.57 per cent to close at N0.29 per share
On the losers chart, United Capital emerged as the highest price loser which dipped by 9.30 per cent to close at N11.70 per share, UPL which followed went down by 7.50 per cent to close at N1.85 per share, while Glaxosmith lost 7.46 per cent to close at N6.20 per share.
Neimeth Pharmaceutical Industry which recorded as the last fourth loser dropped by 7.01 per cent to close at N1.46 per share, while Oando Plc which recorded as the last fifth loser depreciated by 6.74 per cent to close at N4.01.
Transaction in the shares of Guaranty Trust Holding Company topped the activities chart with 33.850 million shares worth N841.945 million, Transnational Corporation which followed traded 20.126 million shares valued at N26.618 million, while Zenith Bank exchanged 18.560 million shares worth N454.670 million.
Flour Mills accounted 18.494 million shares worth N573.142 million, while United Bank of Africa (UBA) sold 15.149 million valued at N121.591 million.
