Banking stocks, others drag down market by N19.49bn

The Nigerian stock market began the week on a negative note as banking and consumer goods stocks, among others, triggered a N19.49bn loss.

At the end of trading on the floor of the Nigerian Exchange Limited, the NGX All-Share Index dropped by 0.09 per cent to 43,270.94 basis points, while the market capitalisation declined to N22.58tn.

Market activities were mixed as the total volume of shares traded decreased by 30.19 per cent while the value traded rose by 34.05 per cent.

A total of 213.13 million shares valued at N2.36bn were exchanged in 4,105 deals, compared to 305.32 million shares worth N3.58bn in 4,450 deals last Friday.

FCMB Group Plc topped the traded stocks in terms of volume, accounting for 27.43 per cent of the total volume of trades while Airtel Africa Plc emerged as the most traded stock by value, representing 28.81 per cent of the total value of trades on the exchange.

The market sentiment, as measured by the market breadth, was negative as 14 firms gained compared to 21 losers.

AIICO Insurance Plc was the biggest gainer for the day, topping the gainers’ chart with a price appreciation of 8.57 per cent to N0.76 per share.

It was followed by LivingTrust Mortgage Bank Plc with a rise of 7.95 per cent, ending the day at N0.95 per share.

Other major gainers were Veritas Kapital Insurance Plc, Associated Bus Company Plc and Courtville Business Solutions Plc.

Atop the losers’ chart was UPDC Plc with a price depreciation of 9.92 per cent to close at N1.18 per share.

Large-cap stocks like United Bank for Africa Plc (-1.23 per cent), FBN Holdings Plc (-0.83 per cent), Zenith Bank Plc (-0.62 per cent) and Guaranty Trust Holding Company Plc (-0.20 per cent) also dipped in price.

Analysing by sectors, three of the five major indices closed lower, led by NGX Oil & Gas (-0.56 per cent), NGX Consumer Goods (-0.23 per cent) and NGX Banking (0.18 per cent). But the insurance (0.82 per cent) and industrial goods (0.002 per cent) indices gained at the end of trading.

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