A slew of selloffs on Nigerian large banks, including Zenith and GTCO, pulled the Nigerian Exchange’s stocks market capitalization down by N90 billion midweek following an interest rate rise. Following two consecutive positive weeks, the benchmark index fell 16 basis points to conclude at 98128.00 points.
The bearish trend was exacerbated by negative investor interest in banking tickers such as ZENITHBANK, GTCO, UBA, and Fidelity Bank, according to a daily price list provided on the exchange.
According to stockbrokers, the losses incurred by banks tickers pulled equities market capitalization down by N89 billion to N55.51 trillion at the end of the trading session.
According to the trading pattern, market breadth was likewise negative at 0.68x, with 22 losers surpassing 15 gainers.
TANTALIZER (+8.00%) topped the gainer charts, while TIP (-10.00%) closed as the worst performer. Trade metrics improved, with volume and value up by 21.90% and 5.56% to settle at 271.71 million units and N5.43 billion, respectively.
Ticker: ACCESSCORP topped the volume chart with 35.58 million units traded, accounting for 13.09%, while GTCO topped the value chart with N1.35 billion traded, accounting for 24.81% of the total value traded.
On sectoral performance, the Banking index declined by 2.01% due to selloffs in top banks like ZENITHBANK (-4.62%), GTCO (-3.55%), UBA (-2.16%) and FIDELITYBK (-4.49%).
The Insurance Index followed suit, shedding 0.87% due to selloffs in CORNEST (-9.52%) and AIICO (-1.01%), which masked gains in WAPIC (+7.81%).
In contrast, the Industrial Goods and Consumer Goods indices gained 0.18% and 0.02%, respectively, due to positive sentiment in WAPCO (+4.48%) and NB (+3.46%), respectively. The Oil and Gas index closed flat for the fourth consecutive session.
