Fbn Holdings, 28 Others’ Tumble Trigger N192bn Dip In Equities Market


The equities market of the Nigerian Exchange Limited (NGX) on Thursday closed on a negative note, as price declines in FBN Holdings Plc and 28 others dragged the overall capitalization lower by N192 billion.

The Nigerian Exchange Limited All-Share Index (NGX ASI) lost 350.72 points or 0.49 percent to close at 71,457.92 basis points. Also, market capitalisation declined by N192 billion to close at N39.103 trillion.

The downturn was driven by price depreciation in large and medium-capitalised stocks amongst which are; FBNH, Access Holdings, Flour Mills of Nigeria, Zenith Bank and Guaranty Trust Holding Company (GTCO).

As the likes of FBN Holdings, among other banking stocks dropped, the Banking Index declined by two percent.

For example, FBN Holdings dropped by 9.86 percent to close at N26.50 per share, while Access Holdings Plc depreciated by 5.21 percent to close yesterday at N20 per share.

Jaiz Bank Plc and Unity Bank Plc tumbled by 5.63 percent and 3.90 percent to close at N1.51 per share and N1.48 per share, respectively.

Zenith Bank Plc also dropped by 2.35 percent to N35.25 per share as Guaranty Trust Holding Company dipped by 1.76 percent to close at N39 per share.

FCMB Group and United Bank for Africa (UBA) also dropped by 0.72 percent and 0.45 percent to close at N6.90 and N0.10 per share, respectively.

As measured by market breadth, market sentiment was negative, as 29 stocks lost relative to 24 gainers. Multiverse Mining and Exploration emerged as the highest price gainer of 9.91 percent to close at N8.54, per share.

SCOA Nigeria and AXA Mansard Insurance followed with a gain of 9.76 percent each to close at N1.35 and N4.50 respectively, while The Initiates Plc (TIP) and Infinity Trust Mortgage Bank rose by 9.52 percent each to close at N1.15 and N1.61 respectively, per share.

On the other hand, FBNH led the losers’ chart with 9.86 percent to close at N26.50, per share. Secure Electronic Technology followed with a decline of 9.64 percent to close at 75 kobo, while Deap Capital Management & Trust shed 9.46 percent to close at 67 kobo, per share.

Champion Breweries depreciated by 7.04 percent to close at N3.30, while Tantalizers was down by 6.00 percent to close at 47 kobo, per share.

The total volume traded decreased by 36.7 percent to 436.56 million units, valued at N7.55 billion, and exchanged in 7,096 deals. Transactions in the shares of Universal Insurance led the activity with 52.725 million shares worth N13.492 million. Veritas Kapital Assurance followed with an account of 44.573 million shares valued at N15.323 million, while Nigerian Breweries traded 37.461 million shares valued at N1.388 billion.

Access Holdings traded 34.651 million shares worth N705.853 million, while Zenith Bank traded 31.620 million shares worth N1.121 billion.

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