Yesterday saw a decline in the Nigerian Exchange Limited’s (NGX) equity market as losses in bank stocks caused the market capitalization to drop by N304 billion.
The All Share Index (ASI) saw a decrease of 537.44 points at the end of yesterday’s trading session, or 0.5 percent, to settle at 101,777.12 points. Market capitalization decreased by N304 billion as a result, closing at N57,560 trillion.
Price increases in major and medium-sized capitalization stocks—GTC, Zenith Bank, United Bank for Africa, Fidelity Bank, TransNational Corporation of Nigeria, AccessCorp, May&Baker, and Wema Bank—were the main causes of the market’s poor performance.
The market mood was unfavorable as shown by the market breadth, with 32 equities losing compared to 10 that gained.
Analysts at Vetiva Dealings and Brokerage predicted that the following trading session will see the market shaped as follows: “No banking stock formed part of today’s gainers, as sentiment remains negative in the sector post-recapitalization announcement. Another cautious trading day is anticipated for tomorrow or today.”
On the loser’s chart, Fidelity Bank finished first with 10% to close at N9, followed by Jaiz Bank with 9.69% to close at N2.05 kobo. RT Briscoe closed at 54 kobo after losing 8.47 percent. GTCO finished the day at N38.20 kobo, down 7.73 percent. To close at 36 kobo, Universal Insurance’s value decreased by 7.69 percent.
May&Baker closed at N6.15 kobo, down 7.38% from its opening price. Omatek closed at 79 kobo, down 7.06 percent. Transcorp closed at N14, down 6.35% from its opening. With a 6.25 percent loss, AIICOO closed at N1.05 kobo.
In addition, Cutix lost 6.25 percent, closing at N3. In contrast, Morison closed at N2.81 kobo after closing at N2.77%, trailed by UPDC, which headed the gainers chart with 10%. To close at N10.40 kobo, NEM added 8.90 kobo. Daar communication increased to close at 70 kobo or 7.69 percent. Oando saw a 6.77 percent increase in value, closing at N13.40 kobo. With a 5.26% gain, Regency Insurance closed at 40 kobo.
With 5.26% of the vote, Mutual Benefit closed at 60 kobo. At N4.70 kobo, International Breweries closed with a 4.44 percent gain.
FTN Cocoa closed at N1.56 kobo after adding 65%. Nigerian Breweries closed at N28.05 kobo, up 0.18 percent as well. The consumer, industrial, and oil and gas indices all closed flat, although two indices on the sectoral index saw losses.
As a result of price depreciation in GTCO (-7.7%), UBA (-4.9%), and Zenith Bank (-3.4%), the banking index fell by 3.8%. Similarly, the insurance index dropped by 0.5% as a result of selloffs on Veritas Kapital (59.9%), AIICO (-6.3%), and Mansard (-3.5%).
