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NSE: Market capitalisation sheds N29bn on huge sell-offs in large-cap bank stocks

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Large volumes of heavyweight bank stocks –FBN Holdings, Access Bank, Zenith Bank, UBA and GTB –were dumped for sale at Thursday’s trade session of the Nigerian equity market, heaping great pressure on the Banking Index, which dipped to 310.08 basis points by 2.79%, the biggest loss of the day among the five sectorial indices.

Nevertheless, the market managed to post a positive market breadth with 19 gainers recorded relative to 18 losers.

The All Share Index (ASI) diminished by 0.22% to close at 25,166.01 basis points. Market capitalisation fell by N28.777 billion to N13.115 trillion at the end of trade.

Year to date, the index is down by 6.24%.


Cutix led the flock of gainers today, appreciating by 9.94% to close at N1.88. May and Baker added up 9.71% to end today’s trade at N3.39. Champion Breweries went up by 9.64% to N0.91. UPL rose to N1.14, notching up 9.62% in the process. Neimeth completed the top 5, climbing by 9.57% to N1.03.

READ ALSO: NSE: Market capitalisation posts marginal gain as bank stocks lift trade


ETI led losers, declining by 9.92% to close at N5.45. Ikeja Hotels shed 8.73% to end today’s trade at N1.15. UBA fell to N6.75, losing 6.25%. Oando slumped to N2.64, recording 5.71% depreciation. Fidelity closed at N1.89, going down by 5.50%.


348.211 million shares estimated at N3.433 billion were traded today in 7,148 deals.

FBN Holdings was the most active stock with 47.387 million of its stocks worth N261.941 million traded in 615 deals. 36.869 million units of Access Bank shares priced at N270.714 million exchanged hands in 537 transactions. Zenith Bank had 27.416 million shares valued at N478.132 million traded in 617 deals. UBA traded 25.015 million shares estimated at N174.401 million in 413 transactions. GTB traded 23.490 million shares valued at N576.215 million in 609 deals.

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