Due to investor selling of Tier-1 bank stocks, the Nigerian Exchange’s (NGX) equity section concluded trading on a sour note on Tuesday. The stock market has seen 13 straight trading sessions with a significant upswing.
The local bourse’s size has increased dramatically due to sustained purchasing activity, which delivered 40% gains in the first month of the new year. Then, on Tuesday, there was a profit booking on equities that had earlier seen notable increases.
As a result, the All-Share Index closed at 103,110.15, down 1.5% or 1,564.52 from Monday’s closing price of 104,674.67. The Nigerian Exchange (NGX) released data showing that investors in stocks lost N857 billion, or 1.5%, bringing the market capitalization, which started at N57.282 trillion, down to N56.425 trillion at the closing.
Accordingly, the Year-To-Date (YTD) return decreased to 37.89 per cent from 39.99 per cent recorded on Monday. Zenith Bank, Guaranty Trust Holding Company (GTCO) and United Bank of Africa dragged the market down. A total of 648.95 million shares valued at N11.09 billion were exchanged in 14,579 deals.
Analysis of the market activities indicated that trade turnover settled lower relative to the previous session, with the value of transactions down by 57.26.per cent. Meanwhile, Japaul Gold Group led the volume chart with 59.80 million shares traded at N179.54 million.
Transcorp Hotel trailed with 52.06 million shares traded at N763.20 million. Access Corporation also sold shares of 46.81 million worth N1.20 billion, UBA traded 44.55 million shares worth N1.23 billion and Oando Plc which transacted 33.95 million shares worth N496.65 million.
On the losers’ table, Linkage Assurance, Caverton, Sterling Nigeria, AXA Mansard and National Salt Company (NASCON) lost in percentage terms of 10 each to close at N1.17, N1.80, N6.30, N5.85 and N68.40. Selloffs Provoke Spike in Nigerian Treasury Bills Yield
On the other hand, UPDC Plc led by 8.11 per cent to close at N2, while Geregu Power Plc gained 4.61 per cent to close at N517.80 per share. Wema Bank garnered 1.21 per cent to close at N10.90, Ellah Lakes Plc rose by 0.99 per cent to close at N3.05 and UPDC Real Estate Investment Trust went up by 0.81 per cent to close at N6.25 per share.
Sell-side pressures were noticed on ACCESSCORP -10.00%, TRANSCORP -9.94%, UBA -9.67%, FBNH -9.40%, ZENITHBANK -7.14%, GTCO -6.29%, TRANSCOHOT -1.42%, and others.
