Banking Stocks, Others Decreases Market By N19.49bn

Nigerian Banking Stocks, Others Decreases Market By N19.49bn

The Nigerian stock market started up the week on an unfavorable note as banking and consumer goods stocks, among others, ignited an N19.49bn loss, aso Naija reports.

At the end of trading on the floor of the Nigerian Exchange Limited, the NGX All-Share Index dropped by 0.09 percent to 43,270.94 basis points, while the market capitalization declined to N22.58tn.

Market activities were mixed as the total volume of shares traded decreased by 30.19 percent while the value traded rose by 34.05 percent.

According to the PUNCH, A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.

FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 percent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 percent of the total value of trades on the exchange.

The market sentiment, as measured by the market breadth, was negative as 14 firms gained compared to 21 losers.

AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 percent to N0.76 per share.

Other major gainers were Veritas Kapital Insurance Plc, Associated Bus Company Plc, and Courtville Business Solutions Plc.

Atop the losers’ chart was UPDC Plc with a price depreciation of 9.92 percent to close at N1.18 per share.

Large-cap stocks like United Bank for Africa Plc (-1.23 percent), FBN Holdings Plc (-0.83 percent), Zenith Bank Plc (-0.62 percent), and Guaranty Trust Holding Company Plc (-0.20 percent) also dipped in price.

Analyzing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 percent), NGX Consumer Goods (-0.23 percent), and NGX Banking (0.18 percent). But the insurance (0.82 percent) and industrial goods (0.002 percent) indices gained at the end of trading.