Stock Market Loses N1.37trn Amid Banking Sector Selloff

The Nigerian equities market suffered a sharp reversal yesterday, opening trading for the week with a decline of N1.365 trillion amid sell pressure in banking stocks.

The All-Share Index declined by 2,120.20 points, representing a 0.94 per cent loss, to close at 223,602.29 points. Similarly, the overall market capitalisation value shed N1.365 trillion to close at N143.970 trillion.

The market’s negative performance was driven by price depreciation in large- and medium-capitalised stocks, namely Nigerian Exchange Group, First Holdco, Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), and Zenith Bank.

On market outlook, Cowry Assets Management Limited said, “heading into Tuesday’s session, the market is expected to sustain its negative bias as profit-taking activities continue to weigh on investor sentiment.”

Market breadth was negative, with 40 losers outpacing 35 gainers. Abbey Mortgage Bank recorded the highest price gain of 9.26 per cent, closing at N5.90 per share. Zichis Agro Allied Industry followed with a gain of 8.91 per cent to close at N16.99, while Wema Bank up by 8.80 per cent each to close at N34.00, per share.

NPF Microfinance Bank rose by 8.19 per cent to close at N5.68, while Wapic Insurance rose by 7.26 per cent to close at N2.66 per share.

On the other hand, First HoldCo, Trans-Nationwide Express and United Bank for Africa (UBA) led the losers’ chart by 10 per cent each to close at N67.50, N7.11 and N49.50, respectively, per share.

Access Holdings followed with a decline of 9.90 per cent to close at N28.20, while Fidelity Bank lost 9.87 per cent to close at N20.10 per share.

Meanwhile, the total volume traded advanced by 8.06 per cent to 678.174 million units, valued at N44.136 billion, and exchanged in 82,838 deals. Transactions in Zenith Bank shares topped the activity chart, with 76.074 million shares valued at N9.534 billion. Wema Bank followed with 49.932 million shares worth N1.680 billion, while Access Holdings traded 39.129 million shares valued at N1.103 billion.

Tantalizer traded 30.018 million shares valued at N113.912 million, while AIICO Insurance traded 28.268 million shares valued at N118.315 million.