Banking Stocks Lead NGX Decline As Market Extends Losing Streak
- The stock market declined by 0.35% as sustained selling pressure dragged the market lower
- Banking, consumer goods, and insurance stocks led sector losses, with 35 stocks declining
- Market activity also weakened, as traded volume fell 34.66%, value dropped 33.86%, and deals declined 21.98%
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian Exchange (NGX) Limited extended its bearish run on Tuesday as sustained profit-taking across major sectors dragged the market down by 0.35%.
The decline was driven largely by losses in the banking, consumer goods, and insurance sectors, as investors continued to exit positions amid weak sentiment.
Source: Getty Images
At the close of trading, the All-Share Index (ASI) fell by 874.00 points to 246,686.66 points, compared to 247,560.66 points in the previous session. Market capitalisation also shed N479 billion to close at N158.219 trillion.
The banking index led sectoral losses, down 1.63%, followed by the consumer goods index, which declined 0.50%. The insurance index fell 0.44%, while the energy index slipped 0.04%. The industrial goods index, however, closed flat.
Market breadth remained negative as 18 stocks advanced while 35 declined, reflecting sustained bearish sentiment on Customs Street.
Top 5 gainers
- CWG Plc rose by N1.95, from N3.51 to N5.46 per share (+9.86%).
- Trans-Nationwide Express Plc gained N0.34, from N4.76 to N5.10 per share (+7.14%).
- Neimeth International Pharmaceuticals Plc added N0.70, from N10.30 to N11.00 per share (+6.80%).
- LivingTrust Mortgage Bank Plc increased by N0.20, from N4.00 to N4.20 per share (+5.00%).
- Abbey Mortgage Bank Plc rose by N0.30, from N6.75 to N7.05 per share (+4.44%).
Top 5 losers
- PZ Cussons Nigeria Plc fell by N9.80, from N98.00 to N88.20 per share (-10.00%).
- CWG Plc dropped by N2.40, from N24.00 to N21.60 per share (-10.00%).
- ABC Transport Plc declined by N0.76, from N7.64 to N6.88 per share (-9.95%).
- Wema Bank Plc lost N3.00, from N33.00 to N30.00 per share (-9.09%).
- Sovereign Trust Insurance Plc decreased by N0.24, from N2.94 to N2.70 per share (-8.16%).
Source: Getty Images
Market activity
Overall, investors traded 718.8 million shares worth N29.3 billion in 71,683 deals, compared to 1.1 billion shares worth N44.3 billion in the previous session, representing declines of 34.66% in volume, 33.86% in value, and 21.98% in deal count.
- Access Holdings Plc as the most traded stock with 113.1 million shares valued at N2.7 billion.
- Zenith Bank Plc followed with 38.1 million shares worth N4.8 billion.
- Consolidated Hallmark Holdings Plc traded 35.4 million shares valued at N243.4 million.
- Neimeth International Pharmaceuticals Plc exchanged 28.8 million shares worth N298.8 million.
- Sterling Financial Holdings Company Plc recorded 28.2 million shares valued at N220.1 million.
Dangote Refinery clarifies reports on planned IPO
Earlier, Legit.ng reported that Dangote Petroleum Refinery and Petrochemicals (DPRP) has dismissed recent media reports and online speculation suggesting that the company is planning an Initial Public Offering (IPO).
Dangote stated that it had taken note of “recent circulation of unauthorised information across various media and social platforms regarding a potential Initial Public Offering,” stressing that such reports did not originate from the company.
Source: Legit.ng
