Market loses N152bn as Tier-one stocks pull indices down

The domestic bourse on Tuesday broke its winning streak with a loss of N152 billion, following investors’ sell-offs of Tier-one banking stocks.

Notably, losses in Zenith Bank, United Bank for Africa (UBA), Access Corporation, Oando Plc, Dangote Sugar, Nigerian Breweries, alongside other declined equities dragged the market down.

The market capitalisation, which opened at N63.203 trillion, shed N152 billion or 0.24 per cent to close at N63.051 trillion.

The All-Share Index also lost 0.24 per cent or 249.42 points, to close at 103,398.82, against 103,648.24 recorded on Monday.

As a result, the Year-To-Date (YTD) return decreased to 0.46 per cent.

Market breadth closed negative with 51 losers and 18 gainers.

FTN Cocoa, RT Briscoe and Veritas Kapital led the losers’ table by 10 per cent each to close at N1.80, N2.70, and N1.53 per share, respectively.

Sunu Assurances and Cornerstone Insurance dropped 9.98 per cent each to close at N10.01 and N4.15 per share, respectively.

On the gainers’ side, Abbey Mortgage Bank and PZ Nigeria led by 10 per cent each to close at N3.63, and N27.50 per share respectively.

Learn Africa followed by 9.90 per cent to close at N5.44, NCR Nigeria added 9.77 per cent to close at N7.30 and NGX Group gained 9.72 per cent to close at N29.90 per share.

Analysis of market activities revealed a higher trade turnover compared to the previous session, with transaction value rising by 10.48 per cent.

A total of 1.11 billion shares valued at N14.64 billion were exchanged in 16,617 deals, compared with 855.97 million shares valued at N13.25 billion traded in 16,505 deals.

Meanwhile, FBN Holdings led the activity chart in volume and value with 161.46 million shares in deals of N4.72 billion.