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Kehinde Akinseinde -Jayeoba
Equities trading at the Nigerian Exchange Limited (NGX) extended losses in the opening session of the week as the All-Share Index closed 0.08 per cent weaker to settle at 54,190.28 basis points.
On Monday, selloffs in Tier-1 banks, Zenith Bank, Guaranty Trust Holding Company and First Bank of Nigeria Holdings were the primary drivers of the decline as the share prices of these banking stocks dipped by 0.19 per cent, 0.39 per cent and 0.45 per cent, respectively.
Thus, the Month-to-Date and Year-to-Date returns settled at -0.1 per cent and +5.7 per cent, respectively.
Equities investors, therefore, lost N22.91 billion in the first trading of the week as the market capitalisation closed at N29.52 trillion.
As measured by market breadth, market sentiment was negative as 22 tickers lost relative to 17 gainers. On the performance board, SCOA and UACN recorded the most significant losses of the day as their respective share prices dipped by 10.0 per cent; while Mansard Insurance and Lasaco Insurance topped the gainer’s list having appreciated by 10.0 per cent, respectively.
Most of the sector gauges closed in the red zone with the NGX Banking, NGX Consumer Goods, and NGX Oil/Gas indices falling by 0.26 per cent, 0.31 per cent, and 0.32 per cent, respectively. However, the NGX Insurance index gained by 0.30 per cent while the NGX Industrial index closed flat. In the broad and narrow markets, the NGX Premium, NGX Mainboard, and NGX-30 indexes increased by 1 basis point, 12 basis points, and 131 basis points, respectively.
Analysis of market activities for the day under review showed trade turnover settled lower relative to the previous session, with the value of transactions down by 35.32 per cent. A total of 292.56 million shares valued at N2.38 billion were exchanged in 4,408 deals. Fidelity Bank led the volume and value charts with 79.73 million units traded in deals worth N426.80 million.
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