Banking Stocks Record Loss As Market Sheds N17bn

The Nigerian Exchange Limited equities market declined by N16.97bn on Tuesday as major banking stocks recorded losses.

The NGX All-Share index dropped by 0.08 per cent to close at 38,875.85 basis points from 38,906.42bps on Monday. The market capitalisation also dipped from N20.27tn to N20.25tn. Trading volume decreased by 3.41 per cent as 184.44 million shares valued at N2.34bn were traded in 3,809 deals on Tuesday from 190.96 million shares worth N2.35bn exchanged in 3,462 deals.

The NGX Banking Index declined by 0.97 per cent while other sectoral indices gained at the end of trading on the floor of the exchange. United Bank for Africa Plc led the traded stocks in terms of volume, accounting for 21.14 per cent of the total volume of trades while, Guaranty Trust Holding Company Plc emerged as the most traded stock in value terms, with 22.10 per cent of the total value of trades on the exchange.

Market sentiment as measured by market breadth was positive as 16 companies recorded gains while 13 companies saw losses. MRS Oil Nigeria Plc was top of the gainers’ list with a 9.75 per cent increase to close at N15.20 per share. Closely following was Veritas Kapital Assurance Plc which rose by 9.52 per cent to end the day at N0.23 per share.

Other top gainers on Tuesday were Regency Alliance Insurance Plc with a 6.82 per cent increase, Unity Bank Plc rising by 3.77 per cent and Courtville Business Solutions Plc appreciating by 3.23 per cent.

Neimeth International Pharmaceuticals Plc saw the highest loss as its share price declined by 7.89 per cent, ending the day at N1.75 per share.

Chams Plc (-4.35 per cent), Japaul Gold and Ventures Plc (-4.35 per cent), Sovereign Alliance Insurance Plc (-4.00 per cent) and Wema Bank Plc (-3.80 per cent) also closed lower at the end of trading on the floor of the NGX on Tuesday.