Banking stocks sell-offs turns market negative, investors lose N37.7bn

Sentiments in the domestic bourse turned negative, as sell-offs of Tier 1 banks triggered a 0.1 per cent decline in the All-Share Index (ASI) to 38,469.87 basis points.

Consequently, the Month-to-Date return moderated to +1.5 per cent, while the Year-to-Date loss increased to -4.5 per cent.

Equities investors lose N37.7 billion by the end of Thursday trading activities as the market capitalisation settled at N20.04 trillion as against an opening of N20.07 trillion.

Specifically, sell-offs on Access Bank and United Bank for Africa, impacted on the overall perfor mance at the Nigerian Exchange Limited (NGX) as their respective shares lost 3.2 per cent and 2.6 per cent.

As measured by market breadth, market sentiment was negative as 16 tickers lost, relative to 11 gainers.

On the performance chart, Prestige Insurance and Pharmdeko recorded the most significant losses of the day after 10.0 per cent and 9.7 per cent dip in the value of their respective shares; while NEM Insurance and Courtville topped the gainers’ list, having recorded 10.0 per cent and 9.5 per cent increase in the value of their respective shares.

Sectoral performance was however mixed, as the Oil & Gas and Insurance indices recorded gains by 1.2 per cent and 0.2 per cent, while the Banking and Consumer Goods indices declined by 0.9 per cent and 0.1 per cent. The Industrial Goods index was flat.

Activities also followed the bearish trend as the total volume of trades declined by 19.5 per cent to 238.24 billion units, valued at N2.58 billion, and exchanged in 3,927 deals.

Transnational Corporations was the most traded stock by volume at 34.44 million units, while Zebitb Bank was the most traded stock by value at N590.35 million.

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No Evidence Arab League Sent Warning Message To FG On Biafra Movement

CLAIM: A Twitter user claims that the Arab League of Nations sent a warning message to the Nigerian government on the Biafra movement.

VERDICT: No evidence to ascertain the origin of the statement. The statement is not new as it has been in circulation since 2017.  Also, Nigeria is not part of the Arab League and there is no evidence that that league will make a statement about a non-member.

FULL STORY: A Twitter user, Amah Johnbosco(@johnbosco_amah), on Monday, June 28, 2021, claimed that the Arab League of Nations said the Nigerian government is on its own if it provokes war while warning the government to let Biafra go.