Investors Lose N18.4bn As Bargain Hunting Prevails On Banking Stocks
With a loss of N18.37 billion, the bearish sentiment on the floor of the Nigerian Exchange Limited (NGX), continued for the second straight day, forcing the All-Share Index down by 0.07 per cent to close at 49,642.69 basis points, from 49,676.75 basis points it opened trading on Tuesday.
The market capitalisation likewise fell by 0.07 per cent to close at N26.78 trillion, as investors lost N18.37 billion at the close of the day’s trading session.
As investors continue to seek market direction amid socio-economic and political environments on the Nigerian stock market, however, the Year-to-Date return moderated to 16.21 per cent, but positive.
At the close of Tuesday’s trading session, the share price of 13 companies respectively appreciated relative to 13 others companies’ stocks which lost value.
Heavy bargain-hunting activities witnessed during the day’s trading session saw the NGX banking index decline by 0.13 per cent
Sell-offs were witnessed in the share prices of Access Holdings, Guaranty Trust Holding Company, FCMB Group, and Sterling Bank.
Access Bank and GTCO’s share prices dropped by 0.05k each to close at N8.15 and N19.85 respectively; FCMB by 0.13k to close at N3.07, and Sterling Bank by 0.02k to close at N1.52.
Other sectoral indices closed in the positive territory as the insurance index rose by 0.08 basis points to close at 180.41 basis points; consumer goods by 0.001 basis points to 589.97 basis points and the oil and gas index by 0.10 to 530.40 basis points, while the industries index remained unchanged at 1,770.60 basis points.
As a result, the indices recorded gains due to strong demand in Conoil, which gained 0.55k to close at N26.5; Consolidated Hallmark Insurance which gained 0.03k to close at 0.65k; and Flour Mills of Nigeria which also gained 0.3k to close at N27.3
Trading activity was mixed as the number of shares traded declined by 45.93 per cent to 125.95 million units; total deals by 6.3 per cent to 4,145 while the total value of trade stocks improved by 40.5 per cent to N3.07 billion.
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