NSE: Sell offs in banking stocks impact equities market

Salamatu Ejembi, Lagos


Investors’ sell-off of Banking stocks has impacted the benchmark index of the equities market on the Nigerian Stock Exchange (NSE).

The Banking index fell by 1.38%, recording the highest loss on sectoral performances, followed by Consumer Goods index by 0.89%, and Oil & Gas index by 0.56%.

These losses masked the gain 0.92 percent gain recorded in the insurance index. While the Industrial Goods index closed flat.

After the close of trading activities on Thursday, the All Share Index (ASI) fell by 0.62% to close at 26,808.24 basis points.

While the Market Capitalisation stood at N13,966 trillion Naira.

Analytics by Cordros securities says “Month-to-Date and Year-to-Date losses increased to -7.06% and -0.13%, respectively.”

The total volume of trades increased by 1.38% to 221.54 million units, valued at NGN4.48 billion and exchanged in 3,606 deals.

ZENITH Bank PLC was the most traded stock by volume at 45.57 million units, while Nigerian Brew. PLC. was the most traded by value at N1.78 billion.

Market sentiment, as measured by market breadth, was negative, as 18 stocks declined, relative to 13 gainers.

Flour Mills Nig. Plc, Consolidated Hallmark Insurance Plc And Npf Microfinance Bank Plc the losers List By  8.70, 6.90 And 6.25 Percent Respectively.

While Jaiz Bank Plc, Law Union And Rock Ins. Plc And Nigerian Aviation Handling Company Plc were the top three gainer’s By 9.43, 7.95 And 7.04 Respectively.


Peace PIAK