Equities Lose N28b as Investors Dump First-tier Banks

• Equities Lose N28b as Investors Dump First-tier Banks

Nigerian equities lost N28 billion yesterday as selloffs in the banking sector coloured the overall market position. While there were more gainers than losers, losses suffered by highly capitalised banking stocks depressed the overall market situation.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed average decline of 0.25 per cent, equivalent to net capital depreciation of N28 billion. Average year-to-date return worsened to -19.88 per cent.

The All Share Index (ASI)-the value-based index that tracks share prices at the Exchange, dropped from its opening index of 30,718.72 points to close at 30,642.35 points. Aggregate market value of all quoted equities also declined correspondingly from N11.221 trillion to close at N11.193 trillion.

The overall market situation was largely due to losses recorded by Ecobank Transnational Incorporated (ETI), FBN Holdings, United Bank for Africa (UBA), Nigerian Breweries and Access Bank. The three most active stocks were Zenith Bank, FBN Holdings and Access Bank.

Most sectoral indices closed on the negative. The NSE Industrial Goods Index declined by 0.6 per cent. The NSE Insurance Index dropped by 2.0 per cent. The NSE Consumer Goods Index dropped by 0.9 per cent while the NSE Oil & Gas Index dipped by 0.2 per cent while the NSE Banking Index slipped by 0.1 per cent.

“In subsequent trading sessions, we expect the undulating trend recorded thus far to persist while we maintain our conscious outlook for the market in the near term,” Afrinvest Securities stated.

There were 20 losers to 24 gainers. 11 Plc topped the losers’ list with a loss of N8.80 to close at N151.20. Nigerian Breweries followed with a drop of N2.50 to close at N76. Conoil declined by N2.25 to close at N20.25. Dangote Sugar Refinery lost 75 kobo to close at N13.20. ETI dipped by 50 kobo to close at N15. UBA lost 30 kobo to close at N7.50 while FBN Holdings declined by 25 kobo to close at N7.25 per share.

Total turnover stood at 246.13 million shares valued at N3.69 billion in 3,141 deals. Zenith Bank was the most active stock with 55.34 million shares worth N1.32 billion. FBN Holdings followed with 54.01 million shares worth N398.16 million while Access Bank ranked third with 21.01 million shares valued at N156.59 million.

On the upside, CAP led with a gain of N3.15 to close at N34.65. Forte Oil followed with a gain of N1.95 to close at N21.95 while Guaranty Trust Bank added 60 kobo to close at N35 per share.