Investors Lose N37 Billion Amid Sell-Offs in Nigerian Banking Stocks
Investors at the Nigerian Stock Exchange (NGX) experienced a loss of N37 billion as the domestic equity market faced a decline, largely driven by sell-offs in Tier One banking stocks.
At the close of trading, the market capitalization, which opened at N56.615 trillion, dropped by N37 billion, or 0.07%, ending the day at N56.578 trillion. The All-Share Index (ASI) also followed suit, falling by 0.07%, or 65 points, from 98,523.56 to 98,458.68 points. This pullback brought the year-to-date return down to 31.68%.
The downward trend was attributed to strong sell pressure in key banking stocks, including Zenith Bank, FBN Holdings, and FCMB Group. Additionally, shares in International Breweries and Unilever contributed to the market’s overall dip.
Market breadth remained negative, with 26 stocks declining while 21 stocks gained. Among the top losers, Caverton led the decline with a 9.76% drop, closing at N2.68 per share. Northern Nigeria Flour Mills followed closely with a 9.50% fall, closing at N31.90 per share. Other notable losers included UPL, which fell by 8.85% to N2.37, McNichols, which dropped by 8.57% to N1.60, and International Breweries, which slid by 6.96% to N4.01 per share.
Conversely, Beta Glass led the gainers’ list, rising by 10% to close at N48.96. Meyer Plc followed, gaining 9.93% to reach N7.75 per share. Deep Capital Management and Trust Plc increased by 9.90%, closing at N1.11 per share, while Ellah Lakes Plc gained 9.82%, reaching N4.92 per share. Abbey Mortgage Bank Plc also saw a notable rise of 9.65%, closing at N2.50 per share.
Despite the overall decline, market activity saw an uptick, with trade turnover increasing by 0.72%. A total of 797.21 million shares valued at N6.66 billion were exchanged in 7,764 deals, compared to the previous session’s 344.36 million shares worth N6.61 billion across 9,005 deals.
Japaul Gold dominated the volume and value charts, with 591.19 million shares traded, valued at N1.47 billion.
