Investors in banking stocks draw capitalisation lower, down 89bn
Philemon Adedeji
Opening the week, Investors in banking stocks drove market’s lower to N90 billion due to Selloffs in Tier-1 Banks which are Zenith Bank (-3.72 per cent), Guaranty Trust Holding Company (-1.63 per cent) and First Bank Holding of Nigeria (-0.43 per cent).
Specifically, the Nigerian Exchange Limited (NGX), All-Share Index (ASI) depreciated by 163.66 basis points or 0.31 per cent to close at 52,348.82 Index points from 52,512.48 Index points it closed trade on Friday.
As a result, the year-to-date (YTD) return fell to 2.14 per cent, while market capitalisation lost N89 billion to close at N28.512 trillion from N28.602 trillion it closed trade on Friday
Yesterday’s market activities indicated that trade turnover settled higher relative to the previous session with the value of transactions up by 27.34 per cent.
The downturn performance was due market depreciation in medium and large capitalized stocks amongst are, Chellaram, Zenith Bank, Guaranty Trust Holding Company, Prestige Assurance, Livestock Feeds and others.
The total trade volume decreased to 221, 854,219 million shares worth N3.249 billion were exchanged in 5,219 deals.
United Bank of Africa (UBA) led the volume chart with 22.937 million units traded while Guaranty Trust Holding Company led the value chart in deals worth N482.501million.
The market sentiments as measured by market breadth close negative as Presco led 13 gainers on the leaders table, while Chellaram led 18 losers on the laggards log
On the advancers log, Presco topped as the highest price gainer with 9.67 per cent to close at N50.80 per share, Wapic Insurance which followed appreciated by 9.52 per cent to close at N0.46 per share, While FTNCOCOA processors which recorded as the last third gainer went up by 7.14 per cent to close at N0.30 per share.
Abctrans and Rtbriscoe gained 6.90 per cent each increased to close at N0.31 respectively.
On the decliners table, Chellaram emerged as the highest price loser with 9.70 per cent declined to close at N1.21 per share, Followed by Prestige Assurance which depreciated by 8.70 per cent to close at N0.42 per share, while Livestock Feeds which recorded as the last third loser went down by 7.69 per cent to close at N1.20 per share
Mutual Benefit Assurance dipped by 6.25 per cent to close at N0.30 per share.
Transaction in the shares of United Bank of Africa (UBA) topped the activities chart with 22.937 million shares worth N185.902 million, Guaranty Trust Holding Company which followed transacted 20.031 million shares valued at N482.501 million, while Transcorp Plc traded 14.593 million shares valued at N17.601 million.
First Bank Holding of Nigeria traded 14.124 million shares worth N163.127 million.
Zenith Bank accounted 13.516 million shares valued at N336.303 million.
