Sell-offs in Banking, Insurance stocks dips market further by 0.1 per cent

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4 years ago

Bearish sentiments persist at the Nigerian Exchange Limited (NGX), on Tuesday, amid sell-offs in banking and insurance stocks.

Consequently, the NGX All Share Index (ASI) ended the session 0.08 per cent lower at 38,256.76 basis points, just as the market’s worth closed at N19.94 trillion, having lost N16.07 billion.

Accordingly, Month-to-date and Year-to-Date losses increased to -4.0 per cent and -5.0 per cent, respectively.

Specifically, share prices of tickers such as Guaranty Trust Bank, Lasaco Insurance, FBN Holdings and AIIXo Insurance contributed to the overall negative outing at the local bourse as they declined by 1.21 per cent, 7.14 per cent, 1.38 per cent and 4.96 per cent respectively.

Market sentiment as measured by market breadth was also negative as 17 stocks lost, relative to 11 gainers.

On the performance chart, Lasaco Insurance, Champion Breweries topped the losers’ list having depreciated by 7.1 per

cent, 5.7 per cent respectively, while C&I Leasing and Royal Exchange recorded the most significant gains of the day with 9.9 per cent and 8.8 respective gains.

Sectoral analysis indicated that the Insurance and Banking indices declined by 1.6 per cent and 0.5 per cent respectively, while the Consumer Goods, Oil & Gas, and Industrial Goods indices closed flat.

Meanwhile, trading activity picked up as the total volume and value of stock traded rose by 77.27 per cent and 41.75 per cent to 250.2 million units and N1.5 billion respectively.

Courtville stocks were the toast of investors as it was the most traded stock by volume at 36.85 million units, while Zenith Bank was the most traded stock by value at N649.41.

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FULL TEXT: A viral post on WhatsApp is asking N-Power candidates to verify the status of their application and see if they have been shortlisted for the batch C cash grant…Sell-offs in Banking, Insurance stocks dips market further by 0.1 per cent