Banking Stocks’ Gains Fail To Lift Market
Gains posted by banking stocks midweek , enhanced market performance but late minute losses by high cap stocks reinforce bearish trend.
Wednesday, the NSE Banking Index appreciated by 2.94 per cent , on the back of the buy-interests in UBA which gained +9.09 per cent, WEMABANK with -8.33 per cent dip in its share price, ZENITHBANK’s +7.31 per cent growth , FBNH’s growth by +2.56 per cent and GUARANTY share price growth by +1.18 per cent.
However, the Nigerian equities market closed negative midweek with the NSE-ASI losing 0.05 per cent to close at 21,729.48pts.
Market breadth index was positive with 20 gainers against 7 losers. Consequently, the Month-to-Date and Year-to-Date losses worsened to -17.1 per cent and -19.1 per cent, respectively.
The total volume of trades decreased by 29.3 per cent to 233.47 million units, valued at NGN2.24 billion and exchanged in 3,874 deals.
TOTAL Nigeria led the losers on Wednesday with N10.7 or 10.00 per cent drop in share price, ending the day at N96.3 per share. MTNN followed with N3 or 2.91 per cent share price loss, to end midweek’s trade at N100 per share, while AFRIPRUD, as the third-highest loser dipped by N0.38 or 9.87 per cent, closing at N3.47 per share.
FCMB closed as the fourth highest decliner midweek, losing N0.06 or 3.85 per cent, to end the day at N1.5 per share, while GLAXOSMITH closed the top five decliners chart at N3.8 per share, having depreciated by N0.05 or 1.30 per cent.
The NSE Oil & Gas Index closed negative on Wednesday with 1.01 per cent decline, driven by the 10.00 per cent loss posted by TOTAL, which emerged as the highest loser, leading decliners.
The NSE Banking Index appreciated by 2.94 per cent , on the back of the buy-interests in UBA which gained +9.09 per cent, WEMABANK with -8.33 per cent dip in its share price, ZENITHBANK’s +7.31 per cent growth , FBNH’s growth by +2.56 per cent and GUARANTY share price growth by +1.18 per cent.
NSE Industrial Index midweek inched up by 0.35 per cent, due to the 10.00 per cent gains in CUTIX, and WAPCO’s 4.40 per cent growth. The NSE Consumer Goods Index appreciated 0.17 per cent, due to the increase in CADBURY equity price by +9.71 per cent and PZ’s +8.64 per cent.
Zenith bank, the fourth on the top five gainers on Tuesday, midweek, emerged as the highest gainer with N0.8 or 7.31 per cent share price growth, closing trade at N11.75 per share, followed by CADBURY’s N0.5 or 9.71 per cent growth, closing at N5.65 per share, while WAPCO rose by N0.4 or 4.40 per cent, to close midweek at N9.5 per share.
UBA as the fourth best gainer midweek, appreciated by N0.4 or 9.09 per cent, to close trade at N4.8 per share, while PZ closed the top five gainers chart at N4.4 per share, having appreciated by N0.35 or 8.64 per cent.
For the three consecutive days, GTBank has remained on the top five most active stock chart, opening the week Monday as the second most active stock and followed up Tuesday as the most active stock.
Wednesday, Guaranty sustained the topmost active stock, with 49,679,899million shares , worth N847,778,495.60 million, followed by ZENITHBANK with 44,703,514million shares , valued at N522,190,206.85 million, while ACCESS bank, as the third most active stock recorded 44,175,846 million shares , worth N250,262,436.00 million.
UBA, closed as the fourth most active, with 23,252,149million shares, worth N109, 896,730.10 million, while FBNH closed the top five most active stocks chart with 18,566,556 million shares valued N74, 662,653.15million.
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