Stock market dips by N22bn, driven by losses in Tier-1 banks
By Philemon Adedeji
Opening the week yesterday, the equities market on the Nigerian Exchange Limited (NGX) extended losses driven by Selloffs of in Tier-1 banks, which are Zenith Bank (-0.19 per cent), Guaranty Trust Holding Company (GTCO) (-0.39 per cent) and First Bank Holding of Nigeria (FBNH) (-0.45 per cent) were the primary drivers of the decline.
The NGX All-Share Index (ASI) decreased by 47.9 basis points representing 0.09 per cent to close at 54,184.34 Index points from 54,232.24 Index points it closed trade on Friday.
Inevitably, the ASI’s year-to-date (YTD) return fell to 5.73 per cent, while the market capitalisation shed N22.91 billion to close at N29.52 trillion.
The downturn performance was impacted by losses recorded in medium and large capitalised stocks which are Zenith Bank, GTCO, SCOA, First Bank Holding of Nigeria and 13 others.
Breakdown of yesterday’s transaction showed trade turnover settled lower relative to the previous session, with the value of transactions down by 35.32 per cent.
The total trade volume increased by 292,559,938 million shares valued at N2.380 billion were exchanged in 4,408 deals.
Fidelity Bank (+0.19 per cent) led the volume and value charts with 79.73 million units traded in deals worth N426.80 million.
The market sentiments as measured by market breadth closed negative as 17 stocks which dominate gainers equals 17 stocks that dominate losers on the laggard’s table.
On the Positive Side, LASACO Insurance and AXA Mansard Insurance emerged as the highest price gainer which appreciated by 10.00 per cent each increased to close at N1.21 and N2.09 per share respectively, while Nigerian Handling Aviation Company rose by 9.88 per cent to close at N8.90 per share.
Ikeja hotel which recorded as the last fourth gainer went up by 8.20 per cent to close at N1.32 per share, while FTNCOCOA Processor which recorded as the last fifth gainer grew by 7.69 per cent to close at N0.28 per share.
However, on the negative side, SCOA emerged as the most price loser which depreciated by 10.00 per cent to close at N0.90 per share, followed by UACN dipped by 9.95 per cent to close at N8.60 per share, while Sunu Assurance which recorded as the last third loser suffered 9.62 per cent to close at N0.47 per share.
Eternal Oil shed 9.56 per cent to close at N6.15 per share, Abctrans which recorded as the last fifth loser depreciated by 8.11 per cent to close at N0.34 per share.
Transaction in the shares of Fidelity Bank topped the activities chart with 79.730 million shares worth N426.800 million, followed by Transnational Corporation which transacted 28.777 million shares valued at N39.874 million, while United Bank of Africa (UBA) sold 26.814 million shares worth N224.105 million.
Access Corporation accounted 17.077 million shares worth N153.609 million, while Oando Plc accounted 13.047 million shares valued at N73.644 million.
