Bank Stocks Lose Gains As Seven Day Bull-Run Ends

The bears resurfaced on the Nigerian Exchange (NGX) Ltd., on Tuesday to halt the seven day run of the bulls as investors in mostly bank stocks took time to count their gains.

The News Agency of Nigeria (NAN) reports that the All-Share Index lost 13.04 points or 0.03 per cent to close at 39,305.48 against 39,318.52 posted on Monday.

In the same vein, the market capitalisation which opened at N20.577 trillion shed N7 billion naira to close at N20.570 trillion.

Loss Driven By Bank Stocks

The loss was driven by price depreciation in large and medium capitalised stocks amongst which are; Guaranty Trust Bank, University Press, Zenith Bank, Sterling Bank and Honeywell Flour Mill.

Consolidated Hallmark Insurance led the losers’ chart in percentage terms, losing 9.09 per cent to close at 30k per share.

University Press followed with 8.59 per cent to close at N1.17, while Chams lost 4.55 per cent to close at 21k per share.

Honeywell Flour Mill dropped 4.44 per cent to close at N1.29, while Sterling Bank depreciated by 4.38 per cent to close at N1.53 per share.

Conversely, Prestige Assurance dominated the gainers’ chart in percentage terms with 9.52 per cent to close at 46k per share.

Wema Bank followed with 8.77 per cent to close at 62k and Royal Exchange rose by 7.69 per cent to close at 42k per share.

Champion Breweries appreciated by 7.46 per cent to close at N2.16, while Regency Alliance Insurance gained 7.41 per cent to close at 29k per share.

Also, the total volume of transaction decreased by 23.4 per cent as investors bought and sold 252.57 million shares valued at N1.77 billion exchanged in 3,474 deals.

Bank Stocks Lead Activity Chart

This was in contrast with 329.74 million shares worth N2.06 billion achieved in 4,308 deals on Monday.

Transactions in the shares of Access Bank topped the activity chart with 57.18 million shares valued at N410.10 million.

Transcorp followed with 30.82 million shares worth N27.53 million, while Fidelity Bank traded 29.43 million shares valued at N66.79 million.

Guaranty Trust Bank sold 15.89 million shares worth N496.43 million, while Zenith Bank transacted 14.77 million shares valued at N327.99 million. (NAN)

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