Sunday, December 4, 2022

Investors lose N227 billion after selloffs in Tier-1 banks stocks

The All-Share Index (ASI) also lost 43.04 points or 0.09 per cent to close at 48,836.70 compared with 48,879.74 posted on Tuesday.

• October 5, 2022
Nigerian trading floor
Nigerian trading floor

Trading closed on the floor of the Nigerian Exchange Ltd. (NGX) Wednesday with market capitalisation losing N227 billion or 0.09 per cent to close at N26.6 trillion from N26.373 trillion on Tuesday.

The All-Share Index (ASI) also lost 43.04 points or 0.09 per cent to close at 48,836.70 compared with 48,879.74 posted on Tuesday.

The market’s weak performance was driven primarily by extended selloffs in Tier-one banks such as Guaranty Trust Holding Company, (GTCO), FBN Holding, Zenith Bank and Access Holding.

Accordingly, the year-to-date returns moderated to 14.33 per cent.

However, the market closed negative with 12 gainers against 22 laggards.

Multiverse Mining and Exploration led the gainers’ chart in percentage terms by 9.88 per cent each to close at N4.45 per share.

Red Star Express followed with 9.43 per cent to close at N2.32, while Sovereign Trust Insurance was up by eight per cent to close at 27k per share.

Japaul Gold and Ventures rose by 7.69 per cent to close at 28k, while Consolidated Hallmark Insurance gained 7.55 per cent to close at 57k per share.

On the other hand, Cadbury led the losers’ chart in percentage terms by 9.93 per cent to close at N12.25k per share.

Northern Nigeria Flour Mills (NNFM) followed with 9.33 per cent to close at N6.80, while PZ lost 9.19 per cent to close at N8.40 per share.

Cornerstone Insurance declined 8.93 per cent to close at 51k, while Unity Bank shed 6.82 per cent to close at 41k per share.

The total volume traded decreased by 22 per cent to 153.52 million units valued at N2.22 billion exchanged in 4,041 deals.

This was in contrast with 173.46 million shares worth N2.39 billion traded in 4,926 deals on Tuesday.

Transactions in the shares of Chams topped the activity chart with 25.497 million shares valued at N1.362 million.

Guaranty Trust Holding Company followed with 19.465 million shares worth N341.013 million, while Sterling Bank traded 9.944 million shares valued at N42.610 million.

Geregu Power traded 8.500 million shares valued at N275 million, while Transnational Corporation of Nigeria (Transcorp) transacted 7.155 million shares worth N42.174 million. 

(NAN)

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