Investors lose N190bn in stock market as banks experience sell-offs

Sell-offs in the shares of Tier-one banks on Wednesday, April 3, 2024, contributed to a 0.32 per cent decline in the Nigerian Exchange Limited (NGX) market indices.

Losses in the share prices of FBN Holdings, Access Corporation, Guaranty Trust Holding Company (GTCO), Zenith Bank, and Stanbic IBTC Bank, among others, dragged down the market performance.

Investors saw a decrease of N190 billion or 0.32 per cent, with market capitalisation opening at N59.095 trillion and closing at N58.905 trillion.

The All-Share Index also dipped by 0.32 per cent to close at 104,181.32 points, compared to 104,518.14 points posted on Tuesday.

This led to a Year-To-Date (YTD) return of 39.33 per cent.

The market breadth ended negative, with 32 losers and 21 gainers.

On the losers’ table, International Energy Insurance and Caverton led by 10 per cent each to close at N1.44, N1.62 per share respectively.

Stock market transactions decline by 13.81%

Thomaswy lost 9.63 per cent to close at N1.97, NEM Insurance dropped 9.60 per cent to close at N8.95, while Tantalizers went down by 9.52 per cent to close at 38k per share.

On the other hand, UPL Limited, led the gainers table by 9.84 per cent to close at N2.68, SCOA Nigeria Plc gained 9.96 per cent to close at N2.15 per share.

Morison Industries Plc rose by 9.66 per cent to close at N1.93, Cutix Plc advanced by 9.62 per cent to close at N2.85 and Mutual Benefits Assurance appreciated by 9.38 per cent to close at 70k per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 39.04 per cent.

A total of 405.03 million shares valued at N8.91 billion were exchanged in 10,364 deals, compared to 545.49 million shares valued at N14.61 billion exchanged in 12,747 deals posted previously.

Access Corporation led the volume chart with 50.00 million shares traded in value of N1.24 billion, UBA sold 49.01 million shares worth N1.37 billion.

Transcorp traded N45.95 million shares worth N612.80 million, Zenith Bank sold 41.88 million shares worth N1.86 billion to lead the chart by value, and GTCO transacted 29.70 million shared valued at N1.57 billion.

The Star