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NSE: Banking index worst hit by sell pressure as market capitalisation sheds N259.234bn



Panic selling persisted in the market on Monday with heavy sell pressure on banking stocks dragging the Banking Index by 9% to 220.66 basis points, the worst performance of the day among sector indices.

COVID-19 stranglehold tightened further around the market’s neck, causing investors to lose over N259.234 billion.

All the key market indicators ended in the negative territory.

The market recorded a negative breadth as 25 losers emerged against 9 gainers. The All Share Index (ASI) tumbled by 2.24% to end the day at 21,700.98. Market capitalisation cratered to N11.309 trillion at the end of today’s trade. Year to date, the index is down by 19.15%.


Neimeth topped the gainers’ chart today, appreciating by 10% to close at N0.44. May & Baker added up 8.94% to end today’s trade at N1.95. Custodian went up by 8.65% to N5.65. Flour Mills leapt to N20.80, notching up 7.77% in the process. CAP completed the top 5, climbing up by 7.69% to N21.


Wema Bank led losers at Monday’s trade, declining by 10% to close at N0.45. Dangote Sugar shed 10% to end today’s trade at N9. NB fell to N27, losing 10%. UBA slumped to N4.5, recording 10% depreciation. Stanbic closed at N23.85, going down by 10%.

READ ALSO: COVID-19: MTN orders staff to start working from home


464.364 million shares estimated at N3.865 billion were traded today in 5,883 deals.

As in most days, Zenith led trade with 120.456 million units of its stocks worth N1.302 billion traded in 1,517 trades. 63.273 million units of GTB shares priced at N1.063 billion exchanged hands in 737 transactions. FBN Holdings had 46.675 million shares valued at N176.055 million traded in 455 deals. Access traded 31.009 million shares estimated at N173.184 million in 378 transactions. UBA traded 29.163 million shares valued at N136.019 million in 420 deals.

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