Equities market drops by N89bn over investors sell-off in Tier-1 Banks

Following investors sell-off in Tier-1 banks, the equities market of the Nigerian Exchange Limited (NGX) on Monday started the week on bearish note as market capitalisation lost N89 billion.

The downtrend in market capitalisation was impacted by losses recorded in Tier-1 highly capitalised stocks, amongst which are: Zenith Bank Plc (-3.72per cent), Guaranty Trust Holding Company (-1.63 per cent) and FBN Holdings (-0.43per cent).

Others are Ecobank Transnational Incorporated (-5.83per cent), United Bank for Africa (-4.19 per cent) and Access Corporation (-3.76per cent).

The NGX All-Share Index (ASI) decreased by 163.66 basis points or 0.32 per cent to close at 52,348.82 basis points from 52,512.48 basis points.

Similarly, the overall market capitalisation size lost N89 billion to close at N28.513 trillion from N28.602trillion it opened for trading.

However, the market breadth closed positive, recording 20 gainers as against 23 losers.

Presco recorded the highest price gain of 9.67 per cent to close at N150.80, while Wapic Insurance followed with a gain of 9.52 per cent to close at 46 kobo per share.

FTN Cocoa processors went up by 7.14 per cent to close at 30 kobo, while R.T Briscoe Nigeria and Associated Bus Company appreciated by 6.90 per cent each to close at 31 kobo each per share.

On the other hand, Chellarams led the losers’ chart by 9.70 per cent to close at N1.21 per share. Prestige Assurance followed with a decline of 8.70 per cent to close at 42 kobo, while Livestock Feeds lost 7.69 per cent to close at N1.20 per share.

Mutual Benefits Assurance lost 6.25 per cent to close at 30 kobo, while Honeywell Flour Mills shed 6.22 per cent to close at N2.26 per share.

Meanwhile, the total volume traded rose by 2.16 per cent to 221.854 million shares, worth N3.250 billion, and traded in 5,219 deals.

Transactions in the shares of UBA topped the activity chart with 22.933 million shares valued at N185.902 million. GTCO followed with 20.031 million shares worth N482.502 million, while Transnational Corporation of Nigeria (Transcorp) traded 14.594 million shares valued at N17.601 million.

FBN Holdings (FBNH) traded 14.124 million shares valued at N163.128 million, while Zenith Bank transacted 13.517 million shares worth N336.303 million.