Business Latest

NSE: Investors lose N9bn amid profit-taking in bank stocks

The equity segment of the Nigerian Stock Exchange (NSE) shed N9.181 billion on Thursday as huge sell-offs in bank stocks weighed on market performance, causing trade to close on a downbeat note for the third straight day.

Of the 5 sectorial indices assessed, the Banking Index was worst affected by the downtrend, falling by 0.36% to 291.13 basis points.

Sell pressure on Dangote Sugar, Custodian, Caverton, ETI and FBN Holdings also hurt gains.

However, a positive market breadth was recorded, with 17 gainers emerging against 13 losers.

Contracting by 0.07%, the All Share Index (ASI) closed at 25,532.74 basis points. Market capitalisation inched lower to N13.344 trillion.

Year to date, the index is up by 4.88%.

TOP 5 GAINERS

International Breweries led gainers, growing by 10% to close at N3.30. WAPIC gained 9.09% to close at N0.36. NPF Microfinance Bank rose by 8.33% to N1.30. Academy leapt to N0.29, notching up 7.41% in the process. Royal Exchange completed the top 5, climbing up by 7.41% to N0.29.

READ ALSO: NSE: Market extends loss by N1.2bn as profit-taking deepens

TOP 5 LOSERS

Tripple G topped the losers’ table, declining by 9.09% to close at N0.40. Caverton shrank by 8.60% to end the day at N1.70. Dangote Sugar tumbled to N11.20, losing 5.88%. Custodian dipped to N4.55, recording 5.21% loss. Livestock closed at N0.58, going down by 4.92%.

TOP 5 TRADES

231.202 million shares worth N2.095 billion were traded in 3,360 deals. Thursday’s trade volume was 9.2% bigger than Wednesday’s, which closed at 211.816 million.

First Bank Holdings was the most preferred stocks with 33.534 million units of its stocks worth N165.364 million traded in 275 deals. 30.402 million units of Access Bank shares priced at N200.046 million exchanged hands in 218 transactions. Zenith Bank had 25.075 million shares valued at N418.011 million traded in 400 deals. FCMB traded 42.135 million shares estimated at N20.554 million in 26 transactions. GTB traded 20.286 million shares valued at N506.255 million in 197 deals.

Ronald Adamolekun

Join the conversation

Opinions

About the author

Ronald Adamolekun

Ronald Adamolekun is a creative writer with a mixed bag of experience in fields as diverse as data journalism, financial reporting and editing.

/* ]]> */