Selloffs in banking stocks dip market capitalisation by N68bn

The Nigerian Exchange Ltd. (NGX) market capitalisation declined further on Wednesday by 0.12 per cent or N68 billion, following selloffs in Tier-one banking stocks.

The market capitalisation, which opened at N56.898 trillion, closed at N56.830 trillion.

The All-Share Index also shed 0.12 per cent or 121 points to settle at 100,365.17, compared to 100,486.12 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return declined to 34.23 per cent.

Sell pressure in FBN Holdings, Guaranty Trust Holding Company (GTCO), United Bank of Africa (UBA), Access Corporation, Fidelity, among other declined equities, were the main drivers of the negative performance.

Meanwhile, the market breadth closed negative with 21 losers and 18 gainers on the floor of the Exchange.

Secure Electronic Technology Plc led the losers’ chart by 9.43 per cent to close at 48k, RT Briscoe followed by 8.22 per cent to close at 67k per share.

UBA lost 5.07 per cent to close at N21.22, Livestock shed 4.56 per cent to close N2.30, United Capital dropped 4.27 per cent to close at N37 per share.

On the other hand, International Breweries and Sovereign Trust Insurance led the gainers’ chart by 10 per cent each to close at N4.07 and 55k per share respectively.

Deap Capital Management and Trust Plc gained 9.80 per cent to close at 56k, The Initiative Plc rose by 7.50 per cent to close at N2.15.

FCMB appreciated by 5.26 per cent to close at eight Naira per share.

On market activities, trade turnover settled higher relative to the previous session, with the value of transactions up by 137.35 per cent.

A total of 497.84 million shares valued at N8.61 billion were exchanged in 8,412 deals, against, 280.92 million shares valued at N3.63 billion exchanged in 8,403 deals posted in the previous session.

First City Monument Bank(FCMB) led the activity chart in volume with 133.92 million shares valued at N1.4 billion, Access Corporation followed by 72.82 million shares worth N1.41 billion.

Zenith Bank sold 60.06 million shares worth N2.19 billion to lead the chart in value, UBA transacted 29.08 million shares valued at N639.55 million and Universal Insurance traded 22.92 million shares worth N7.68 million.