Banking & Insurance Sectors Woes Drag Nigerian Equities To ₦18.13bn Losses
Banking and Insurance sectors woes were just enough to drag Nigerian equities to the slaughter on Wednesday, despite modest gains recorded by oil and gas sector driven by +2.2 percent gains in Oando Plc and +0.26 percent gain by Zenith Bank.
A -2.1 percentage loss by First Bank Holdings, -2.5 per cent price value decline by Fidelity Bank, -1.4 per cent price depreciation of UBA, and -0.5 percent drop in the price value of GTCO forced the equities market to a -0.1 per cent decline, leaving NGX All Share Index to close at 47,531.84 points while market capitalisation shed ₦18.13 billion to close at ₦25.89 trillion.
A total of 21 stocks led by HONYFLOUR (-9.77%) depreciated in prices as against only 10 led by REDSTAREX (+8.49%) that recorded price gains , reflecting prevailing bearish sentiments which have dominated the market, led sixteen (16) others on the laggard’s table, while eight (8) others top the gainer’s log.
A total turnover of 155.181 million units of securities (Equities, Fixed Income, Derivatives) worth N3.657 billion in 3,797 deals were recorded.
This implies that trade turnover settled higher relative to the previous session, with the value of transactions increasing by 92.22 per cent.
Mutual Benefits Insurance (+0.00%) led the volume chart with 41.92 million units traded while DANGCEM (+0.00%) led the value chart in deals worth ₦2.06 billion.
Selloffs have persisted in the shares of GTCO (-0.59%), and Zenith (+0.26%), taken the stocks to the dogs.
Similarly FBNH (-2.11%), ACCESSCORP (-0.64%) and UBA (-1.43%) have also come under sell pressure keeping the market in the negative terrain.
As a result, the year-to-date (YTD) return fell to 11.27 per cent
Comments are closed.