Nigerian equities market traded marginally lower on Thursday as sustained sell-offs of banking stocks triggered a marginal decline in the All-Share Index (ASI) to 39,201.33 basis points.
Precisely, Zenith Bank and Stanbic were at the brunt of sell-offs as their share price declined by l 0.8 per cent and 0.5 per cent respectively.
Consequently, Month-to-Date and Year-to-Date losses printed -0.1 per cent and -2.7 per cent, respectively.
Investors lost N1.6 billion as the market capitalisation settled at N20.425 trillion against an opening of N20.426 trillion.
As measured by market breadth, market sentiment was negative as 19 tickers lost, relative to nine gainers.
On the performance chart, Cornerstone Insurance and AIICO Insurance recorded the most significant losses of the day having depreciated in value by 7.7 per cent and 6.9 per cent respectively, while CHAMS and United Bank for Africa topped the gainers’ list with 4.8 per cent and 4.7 per cent increase in their respective share value.
Performance across sub-sector gauges was better as three out of the five indices tracked closed in green except for NGX Insurance and NGX Industrial indices which fell by 1.65 per cent and 0.02 per cent respectively.
Activities at the Nigerian Exchange Limited (NGX) on Thursday was however impressive as the total volume of trades increased by 3.2 per cent to 350.53 million units, valued at N3.35 billion, and exchanged in 3,523 deals.
FBN Holdings was the most traded stock by volume and value at 97.73 million units and N729.64 million, respectively.
YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE
Buhari Urges MTN For Quality Service, Downward Price Review In Cost Of Data, Other Services
President Muhammadu Buhari Friday at State House Abuja urged the MTN Group to make the available top-of-the-range service to its Nigerian subscribers… Sell-offs of banking stocks dip market marginally Sell-offs of banking stocks dip market marginally.
We Have Not Had Water Supply In Months ― Abeokuta Residents
In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. Sell-offs of banking stocks dip market marginally Sell-offs of banking stocks dip market marginally.
and then