Banking stock losses halt uptrend as market plunges 0.1%

Share trading at the Nigerian Exchange Limited (NGX) closed lower on Wednesday, ending three consecutive sessions of gains, with the benchmark down 0.14% to close at 53,193.98 basis points .

Negative sentiment was largely contributed by liquidations at tier 1 banks, as FBN Holdings, Stanbic IBTC and United Bank for Africa were the main drivers of weak market performance as their respective shares fell 5.50% , 1.47% and 0.64% cent

As a result, month-to-date and year-to-date gains have moderated to 0.4% and 24.5%, respectively.

Equity investors therefore lost N41.46 trillion on their investment, with the market capitalization closing at N28.68 trillion at the end of trading activities on Wednesday.

As measured by market breadth, market sentiment was also negative, with 17 tickers losing to 15 gaining. In the performance chart, Champion Breweries and Cornerstone Insurance topped the list of losers after their respective stock values ​​fell 9.8% and 9.7%, while Caverton and FTN Cocoa posted the biggest gains. important of the day with 7.3% and 5.9% appreciation recorded compared to their share price.


The performance of the tracked sub-indices was mixed, with the NGX Banking Index and NGX Insurance Index falling 0.86% and 1.76% respectively, while the NGX Consumer Goods Index and NGX Industrial Index increased by 0.13% and 0.03%. respectively. The NGX Oil/Gas index remained unchanged.

Analysis of market activity at the local exchange on Wednesday indicated that trading turnover was down from the previous session, with trade values ​​down 32.19%. A total of 248.96 million shares worth N1.86 billion were traded in 4,265 transactions.

Transcorp was the most traded stock by volume with 103.56 million units, while Presco was the most traded stock by value with 212.07 million naira.

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