Banking, Insurance Stocks Drop As Market Sheds Nearly N20bn

Equity investors in the Nigerian Exchange Limited lost N19.51bn on Monday as the market capitalisation slid down from N20.29tn to N20.27tn at the end of trading.

The NGX All-Share index depreciated by 0.10 per cent as it dropped from 38,943.87 basis points to close the day at 38,906.42bps. The volume of shares traded on the exchange rose by 23.12 per cent from 155.10 million valued at N1.95bn in 2,906 deals to 190.96 million shares worth N2.35bn traded in 3,462 deals.

Analysing by sectors, the NGX Banking, Insurance and Oil & Gas indices fell by 0.70 per cent, 0.70 per cent and 0.08 per cent respectively, while the Consumer Goods and Industrial indices appreciated by 0.16 and 0.13 per cent each.

Market sentiment as measured by market breadth was flat as both gainers and losers amounted to 19. Consolidated Hallmark Insurance Plc led the gainers’ chart with a 9.62 per cent increase, ending the day at N0.57 per share. Next was Chams Plc rising by 9.52 per cent to N0.23 per share. Other major gainers were Courtville Business Solutions Plc (+6.90 per cent), Wema Bank Plc (+3.95 per cent) and the Nigerian Aviation Handling Company Plc (+3.62 per cent).

Atop the losers’ chart was SCOA Nigeria Plc whose share price dropped by 9.43 per cent, ending at N0.96 per share. Veritas Kapital Assurance Plc followed with an 8.70 per cent depreciation to close at N0.21 per share. The share prices of Linkage Assurance Plc, PZ Cussons Plc and Cornerstone Insurance Plc also declined by 6.56 per cent, 5.98 per cent and 5.77 per cent respectively.