NSE: Heavy sell off in bank stocks sustains negative sentiments

Increasing negative sentiments particularly in bank equities led investors to dump large volumes of shares for sale today as the market struggled to earn confidence.

The crunch in the market was sustained by heavy profit-taking that led the market to shed N181 billion today alone. A negative market breadth was recorded today as there were 33 losers against 5 losers.

The All Share Index (ASI) shrank by 1.27% to close at 27,041.03 basis points. Market Capitalisation fell to N14.087 trillion at the end of today’s trade. Year to date, the index is up by 0.74%.

TOP 5 GAINERS

In value terms, Law Union & Rock led gainers, appreciating by 9.59% to close at N0.8. May & Baker added up 2.75%% to end today’s trade at N1.87. Sterling Bank went up by 2.74% to N1.5. Linkage Assurance advanced to N0.45, notching up 4.65% in the process. Vitafoam completed the top 5, climbing by 0.22% to close at N4.51.

TOP 5 LOSERS

Construction giant, Julius Berger was the worst performing stock today, declining by 6.67%% to close at N22.4. Nigerian Breweries shed 2.99% to close at N47. GTB fell to N26.9, losing 3.76%. Cadbury dipped to N8.2, recording 9.89% depreciation. Zenith Bank closed at N19.1, going down by 3.78%.

READ ALSO: Nigeria lost N22.17tn worth of investment in 2019 –NIPC

TOP 5 TRADES

429.003 million shares estimated at N7.298 billion were traded today in 4,533 deals.

GTB Bank was the most active stock today with 177.130 million units of its stocks worth N4.793 billion traded in 342 deals. 60.097 million units of FBN Holdings shares priced at N329.464 million exchanged hands in 382 transactions. Zenith Bank had 56.153 million shares valued at N1.090 billion traded in 993 deals. UBA traded 39.166 million shares estimated at N267.206 million in 443 transactions. UCAP traded 18.480 million shares valued at N62.992 million in 249 deals.

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