NSE: Bear run continues as sell pressure on bank stocks deepens loss

The Nigerian Stock Exchange (NSE) extended loses on Tuesday as profit-taking in mid-cap equities, especially bank stocks, caused the market to end in the negative territory. Sell pressure on shares in Zenith Bank, Access Bank, Flour Mills, WAPCO and NAHCO accounted for most of the day’s loss.

A fall in the Banking Index, the worst performer of the five sectorial indices, by 0.34% to 386.76 index points also stoked the loss.

Trade ended with a negative breadth with 14 losers recorded against 18 gainers.

The All Share Index (ASI) edged lower by 0.09% to 35,033.74 index points. The market capitalisation tapered to N18.311 trillion at the end of trade.

Year to date, the index is up by 30.52%.

TOP 5 GAINERS

Prestige led the flock of gainers on the NSE today, appreciating by 9.68% to close at N0.34. Royal Exchange added up 9.52% to end today’s trade at N0.23. Mutual Benefits went up by 9.09% to N0.24. ETI rose to N5.85, notching up 8.33% in the process. Lasaco completed the top 5, climbing by 6.45% to N0.33.

TOP 5 LOSERS

The Initiates led losers on the NSE today, declining by 8.77% to close at N0.55. Royal Exchange shed 8.33% to end today’s trade at N0.22. Wapic fell to N0.40, losing 4.76%. Chams slumped to N0.21, recording 4.55% depreciation. Flour Mills closed at N25.30, going down by 4.53%.

TOP 5 TRADES

306.919 million shares estimated at N3.274 billion were traded today on the NSE in 4,500 deals.

UBA was the most active stock with 142.436 million of its stocks worth N1.202 billion traded in 214 deals. 33.857 million units of Zenith Bank shares priced at N795.520 million exchanged hands in 566 transactions. FBN Holdings had 12.632 million shares valued at N89.441 million traded in 232 deals. GTB traded 9.731 million shares estimated at N321.884 million in 355 transactions. ETI traded 9.162 million shares valued at N52.358 million in 170 deals.

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