Tier-1 banks support bearish market stance, as market cap drops N83.13bn

FBNH Plc and GT Holding Co Plc investors initiated sell-offs during the day’s trading session losing 0.85% and 0.62%, respectively in share prices.

FBNH Plc started the day at N11.80 and closed at N11.70 per share while GTCO started the day at N24.10 to close at N23.95 per share.

The NGX closed on a negative note amidst sell-offs and buy-interests as the benchmark All-Share Index (ASI) depreciated by 38 basis points.

The NGX ASI closed at 42,008.60 points, to reflect a decline of 0.38% from the previous trading day and a Year-to-Date (YTD) return of 4.32%. Meanwhile, the market capitalization decreased by N83.13 billion.

At the close of the market today, Monday 6th December 2021, the stock exchange market value currently stands at N21.92 trillion from N22.00 trillion in the previous trading day.

The market breadth closed negative as ROYALEX led 10 gainers, and 24 Losers topped by WAPCO at the end of today’s session.

The stock market has advanced 1,737.88 base points since the start of the year.

NGX ASI Top gainers

ROYALEX up +9.43% to close at N0.58

UPDC up +9.09% to close at N1.08

MEYER up +9.09% to close at N0.24

CHIPLC up +9.09% to close at N0.48

CHAMPION up +7.92% to close at N2.59

NGX ASI Top losers

WAPCO down – 9.94% to close at N22.20

LINKASS down – 8.93% to close at N0.51

ABCTRANS down – 8.82% to close at N0.31

VITAFOAM down – 8.68% to close at N0.20

FIDELITY down – 5.60% to close at N2.36

Market sentiments trend towards the bears despite the market differential being in favour of the decliners as 10 gainers surpassed 24 losers.