Selloffs Of Banking Stocks Push Nigerian Exchange Indices Down

The equity market on the Nigerian Exchange Ltd extended losses to Monday as the selloffs of banking stocks pushed the exchange indices down.

It shedded N13.06 billion to close the market capitalisation at N26.614 trillion as against N26.628 trillion traded on Friday.

The negative performance was majorly driven by selloffs in banking stocks such as United Bank for Africa (UBA), Ecobank Transnational Incorporated (ETI) and Guaranty Trust Holding Company (GTCO).

Consequently, the All-Share Index closed 0.05 per cent to close at 49,344.67 per cent from 49,370.62 which it opened.

Also, the year-to-date (YTD) return fell to 15.52 per cent.

Analysis of Monday’s market activities besides the reading of the selloffs of some major Nigerian banking stocks showed trade turnover settled lower relative to the previous session, with the value of transactions down by 19.97 per cent.

However, market breadth closed negative as 18 stocks were on the laggard’s chart while eight were on the gainer’s.

Courtville Business solutions led the gainers’ chart in percentage terms by 9.09 per cent to close at 48k per share.

Honeywell Flour Mill followed with a gain of 8.68 per cent to close at N2.63, while Mutual Benefits Assurance rose by eight per cent to close at 27k per share.

MEN Insurance also went up by 4.71 per cent each to close at N4 per share.

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