Due to a sell-off in Tier-one bank shares, trading activity on the Nigerian Exchange Ltd. (NGX) equities market finished lower on Thursday, undoing some of the gains gained on Wednesday.
In particular, the market capitalization closed at N39.103 trillion on Wednesday, down from N39.295 trillion, a fall of N192 billion or 0.49 percent. The market is negative as a result of selloffs in shares of Tier-one banks, which include Zenith, United Bank for Africa (UBA), and Guaranty Trust Company (GTCO).
Additionally, the All-Share Index (ASI) closed at 71,457.92, down 350.72 points, or 0.49 percent, from its Wednesday closing value of 71,808.64. As a result, the year-to-date (YTD) return decreased to 39.43%. Market breadth had a negative closing as 21 stocks rose and 26 sank.
First Bank of Nigeria Holdings led the laggard’s table with a decline of 9.86 per cent to close at N26.50 per share. Secure Electronic Technology followed with 9.64 per cent to close at 75k per share. Deap Capital Management fell by 9.46 per cent to close at 67k, while Champion Breweries declined by 7.04 per cent to close N3.30 per share.
Also, Tantalizers declined by six per cent to close at 47 per shares. On the other hand, Multiverse Mining and Exploration led the gainers with 9.91 per cent to close N8.54 per share. This was followed by AXA Mansard Insurance with 9.76 per cent to close at N4.50 per share, while Scoa Nigeria gained by 9.76 per cent to close at N1.35 per share.
Also, Infinity Trust Mortgage Bank appreciated by 9.52 per cent to close at N1.61 per share. The Initiates Plc also rose by 9.52 per cent to close at N1.15 per share. Universal Insurance recorded the highest volume of 52.73 million shares sold at N13.5 million. Veritas kapital followed with N44.57 million shares traded at N15.32 million.
Nigerian Breweries transacted 37.46 million shares worth N1.39 billion, while Access Holdings sold 34.65 million shares valued at N705.85 million. Nigeria Eurobond Slumps after CBN Resumes OMO Auction
Zenith Bank sold 31.62 million shares worth N1.21 billion. Analysis of the market activities showed 436.56 million shares valued at N7.55 billion were exchanged in 7, 096 deals compared with a total of 690.01 million shares valued at N12.1 billion exchanged in 8,412 deals on Wednesday.
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