Losses in Tier-1 banking stocks push market indices down

The equity market on Monday extended negative position as it recorded N76 billion losses, following sell-offs in Tier-one banking stocks.

The market capitalisation lost N76 billion or 0.09 pe cent to close at N29.517 trillion compared to N29.543 trillion posted at the last trading session.

Also, the benchmark All-Share Index decreased by 48 points or 0.09 per cent to close at 54,184.34 from N54.323.34 recorded on Friday.

The downturn was impacted by loses recorded in medium and large capitalised stocks which included Tier-1 banking, among which are Zenith Bank, Guaranty Trust Bank Holding Company (GTCO) and First Bank Nigeria Holdings.

Consequently, the year-to-date return rose to 5.72 per cent.

Market breadth closed negative as 23 stocks were on the losers’ chart and 17 on the gainers’.

A breakdown of price movement showed that Lasaco Assurance and AXA Mansard Insurance topped the gainers’ table with a gain of 10 per cent each to close at N1.21 and N2.09, per share, respectively.

Nigerian Aviation Handling Company (NAHCO) trailed with a gain of 9.88 per cent to close at N8.90, while Ikeja Hotels rose by 8.2 per cent to close at N1.32, per share.

Also, FTN Cocoa Processors was up by 5.75 per cent to close at 28k, per share.

Conversely, Scoa Nigeria led the losers’ table, dropping by 10 per cent to close at 90k, per share.

UACN of Nigeria followed with a loss of 9.95 per cent to close at N8.60, while Sunu Assurances declined by 9.62 per cent to close at 47k, per share.

Eterna Oil decreased by 9.56 per cent to close at N6.15, while Custodia fell by 8.87 per cent to close at N5.65, per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the volume of transactions down by 48 per cent.

A total of 292.56 million shares valued at N2.38 billion were exchanged in 4,408 deals.