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Banking sector drags Nigerian Exchange down further 

Felix Oloyede

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NGX to deepen liquidity with market making programme relaunch

Sell-offs in Banking stocks such as ZENITH, GTCO, and ACCESS  caused the Nigerian Exchange to further dipped by 0.08% on Tuesday.

The All-Share Index closed at 38,873.85 points, while the market capitalisation lost ₦17.0billion to close at ₦20.3 trillion as the loss this year worsened to -3.5%.

Trading activity was mixed as volume traded rose 1.4% to 184.4m units while value traded fell 0.3% to ₦2.3bn. The most traded stocks by volume were UBA (39.0m units), GTCO (19.0m units), and ZENITH (14.2m units) while GTCO (₦517.9m), ZENITH (₦326.5m), and DANGCEM (₦298.8m) led by value.

The Banking index was the lone laggard, down 1.0% due to sell-offs in ZENITH (-2.3%), GTCO (-0.7%), and ACCESS (-1.1%).

Conversely, the Industrial Goods index led the gainers, up 0.08% on the back of price appreciation in WAPCO (+1.4%) and CUTIX (+2.1%). Similarly, the Insurance and Oil & Gas indices gained 7bps and 6bps respectively on account of buying interest in WAPIC (+2.1%) and MRSOIL (+9.8%).

MRS (+9.7%), VERITASKAP (+9.5%), and REGALINS (+6.8%) led the gainers while NEIMETH (-7.9%), CHAMS (-4.3%), and JAPAULGOLD (-4.1%) led the laggards.

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