Selloffs of Banking stocks pull stick market to bearish month opening

Equities trading at the Nigerian Exchange Limited (NGX) started the week and month’s trading with bearish sentiments as the All-Share Index (ASI) declined by 0.29 per cent to close at 48,879.74 basis points.

Basically, selloffs in Tier-1 banks: Zenith Bank, Guaranty Trust Holding Company (GTCO), FBN Holding and Access Corporation were the primary drivers of the market’s weak performance, having depreciated in value by 3.50 per cent, 0.85 per cent, 2.45 per cent and 5.59 per cent, respectively.

As a result, the year-to-date (YTD) return fell to 14.43 per cent and the market capitalisation shed N77.92 billion to close at N26.37 trillion.

As measured by market breadth, market sentiment was negative as 19 tickers lost relative to nine gainers.

On the performance board, International Breweries and Redstar Express topped the losers’ list having depreciated in value by 9.1 per cent and 7.8 per cent respectively, while Multiverse And RTBriscoe recorded the most significant gains of the day as their respective share prices added 9.8 per cent and 8.8 per cent.

Analysing by sectors indicated that the Insurance and Oil & Gas indices advanced by 0.4 per cent and 0.1 per cent, while the Banking and Consumer Goods indices closed in the red after dipping in share value by 2.6 per cent and 0.4 per cent respectively. The Industrial Goods index closed flat.

Meanwhile, analysis of market activities on Tuesday showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 36.09 per cent.

A total of 173.46 million units of shares valued at N2.39 billion were exchanged in 4,926 deals.
GTCO led the volume and value charts with 71.19m units traded in deals worth N1.26 billion.

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE 

Lynched ‘Herders’ Were Terrorist Mercenaries From Sudan ― BEPU

Birnin-Gwari Emirate Progressive Union (BEPU) has said it has evidence that the two alleged herdsmen gruesomely killed by aggrieved youths in Birnin-Gwari on Sunday 2nd October 2022 were terrorists from Sudan…

Selloffs of Banking stocks pull stick market to bearish month opening

Nigeria Ranks 86th In The World By Digital Quality Of Life

The fourth annual edition of the Digital Quality of Life Index (DQL) has reported that Nigeria ranks 86th in the world regarding digital wellbeing. That is out of 117 countries, or 92 per cent of the global population…

Selloffs of Banking stocks pull stick market to bearish month opening