Banking Indices Reduce Losses In NGX Equity Market

Unfortunately, activities in the NGX equity market reversed the previous day's gain, closing lower as investors sold off UPDCREDIT (-6.67%), CAVERTON (-4.62%) and GTCO (-3.9%). As a result, the all-share index declined by 0.22% from its previous day's position of 42,411.12 basis points to close at 42,317.52 basis points.

Accordingly, the week-to-date declined a bit lower to +1.04%, while the month-to-date loss grew to -2.2%.

However, the year-to-date gain remained moderate at +5.1%, a marginal decrease from the previous day's position of +5.54%.

The all-share index fell 1,413.03 basis points behind the 52-week high of 43,730.55 basis points and drifted upward by 8,066.78 basis points from the 52-week low of 34,250.74 basis points.

Consequently, the market capitalization suffered from this setback as it lost NGN49.1 billion to close at NGN22,081.07 trillion.

ACCESS, GTCO, MTNN, and FBNH's impressive performance pushed the total volume of trades by +17.62% to 270.1 million units from its previous day position of 229.64 million units valued at NGN2.3 billion, which also represents a 30.1% decline from its previous position of NGN3.3 billion exchanged in 3,753 deals.

ACCESS was the most traded stock by volume and value, at 50.04 million units and NGN497.74 million, respectively.

ACCESS was followed closely by GTCO, taking up 16.85% of the value of trade transacted, which was worth NGN387.4 million. GTCO was followed by FBNH, which had NGN252.5 million, MTNN, which had NGN227.9 million, and the NGXGROUP, which had NGN174.74 million.

Following ACCESS in the volume section, are UNIVINSURE (+19.68%), UNITYBNK (+9.34%), FBNH (+7.81%) and INTBREW (+7.46%).

Analyzing by sectors’ performance, the oil and gas (-1.0%), banking (-1.1%), and industrial goods (-0.1%) indices declined, while the insurance (+0.4%) and consumer (+0.1%) indices registered gains.

As measured by market breadth, market sentiment was negative, as 16 companies’ stocks lost relative to 13 companies’ stocks that gained.

The gainers’ chart was dominated by CUSTODIAN (+9.86%), ROYALUX (+8.62%), MEYER (+8.33%), UNITYBNK (+6.82%), and UACN (+6.52%).

The losers’ chart was dominated by UPDCREDIT (-6.7%), CAVERTON (-4.62%), GTCO (-3.85%), ETI (-2.69%) and REGALINS (-2.50%).