Sell-offs of banking stocks dips market by 0.03 per cent

The Nigerian equities market traded with mixed sentiments, as buying interests in Wema Bank, Guaranty Trust Bank and Access Bank moderated the All Share Index (ASI) by 0.03 per cent to settle at 39,305.48 basis points. returns flat at +0.7 per cent and -2.4 per cent, respectively.

Hence, the Month-to-Date and Year-to-Date returns of the Nigerian Exchange (NGX) Limited ASI rose to 0.7 per cent and -2.39 per cent despite the bourse recording more gainers than losers.

Specifically, the NSE Banking sub-sector gauge was the lone loser as its index fell by 0.60 per cent following sell-offs in tier 1 banking tickers.

The shares Guaranty Trust Bank, United Bank for Africa, Access Bank, Zenith Bank and FBN Holdings declined by 0.48 per cent, 1.33 per cent, per cent, 1.32 per cent, 0.45 per cent and 0.67 per cent respectively.

On the positive side, the other sub-sector gauges tracked closed in the green zone: the NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and NSE Industrial indices increased by 0.96 per cent, 0.03 per cent, 0.19 per cent and 0.01 per cent respectively.

Meanwhile, trading activity was weak as total deals and volume of stocks traded declined by 21.86 per cent and 23.31 per cent to 2,198 deals and 0.15 billion units respectively.

Access Bank was the most traded stock by volume at 57.18 million units, while Guaranty Trust Bank was the most traded by value at N496.43 million.

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Sell-offs of banking stocks dips market by 0.03 per cent