GTBank selloff dips stock market by 0.2 per cent

Equities trading at the Nigerian Exchange Limited (NGX), on Tuesday, was negative as activities in the domestic bourse reversed the previous day’s gain.

Specifically, investors sold off Guaranty Trust Holding Company shares to record 3.9 per cent depreciation in its value, thus affecting the overall performance of the local bourse.

The All-Share Index(ASI) thus declined by 0.2 per cent to 42,317.52 basis points, just as the market capitalisation settled at N22.08 trillion, after shedding N49 billion.

Consequently, the Month-to-Date loss of the benchmark index increased to -2.2 per cent, while the Year-to-Date gain moderated to +5.1 per cent.

As measured by market breadth, market sentiment was however negative as 16 tickers lost relative to 13 gainers. On the performance chart, UPDCREIT and Caverton recorded the most significant losses of the day having depreciated in value by 6.7 per cent and 4.6 per cent, while Custodian Insurance and Royal Exchange topped the gainers’ list with 9.9 per cent and 8.6 per cent appreciation in their respective value.

On sectors, the Banking, Oil and Gas and Industrial Goods indices declined by 1.1 per cent, 1.0 per cent and 0.1 per cent respectively while the Insurance and Consumer Goods indices posted gains by 0.4 per cent and 0.1 per cent respectively.

There was an uptick in activities at the local bourse on Tuesday as the total volume traded increased by 17.6 per cent to 270.09 million units, valued at N2.30 billion, and exchanged in 3,753 deals.

Access Bank was the most traded stock by volume and value at 50.04 million units and N497.74 million, respectively.

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GTBank selloff dips stock market by 0.2 per cent