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Equities shed N9.8 billion as banking stock post losses

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Banking stocks posted price depreciation on the Nigerian Exchange Ltd. (NGX) on Wednesday, causing the market capitalisation to decrease by N9.87 billion and closed at N26.801 trillion from N26.811 recorded on Tuesday.

The negative performance brought the benchmark index down by 0.04 per cent as the All-share index (ASI) closed at 49,691.17 points from 49,709.46 on Tuesday.

Tier-one banks such as Zenith Bank, First Bank of Nigeria Holdings (FBNH) and United Bank of Nigeria (UBA) were the major drivers of the market’s performance.

Consequently, the year-to-date (YTD) return fell to 16.33 per cent.

Market breadth closed negative as 10 stocks advanced against 15 that declined.

Prestige Assurance Company led the gainers’ chart with 9.09 per cent to close at 48k per share.

Sovereign Trust Insurance followed by eight per cent to close at 27k per share, while Lasaco Assurance  grew by 6.48 per cent to close at N1.15 per share.

Also, Unity Bank inched up by 4.65 per cent to close at N45k per share and Academy Press appreciated by 2.40 per cent to close at N2.13 per share. 

On the losing side, Courtville Business Solutions came out last with  price depreciation of 9.8 per cent to close at 46k per share.

SCOA Nigeria followed with 9.79 per cent and closed at N1.75 per share, while Skyway Aviation Handling Co.lost 9.73 per cent to close at N5.10 per share.

Regency Alliance Insurance depreciated by eight per cent to close at 23k per share, while Honeywell Flour fell by 5.36 per cent to close at N2.65  per share.

FBN Holdings recorded the highest volume of 28.4 million traded shares worth N303. 22 million.

Zenith Bank followed with 16.7 million shares worth N361.69 million, while UBA sold 11.2 million shares  valued at N78.17 million.

Also, Cornerstone Insurance Company traded 11.1 million shares  worth N7.43 million and Union Bank of Nigeria (UBN) sold 5.71 million shares worth N36.54 million.

In all, investors staked N4.12 billion on 128.79 million shares exchanged in 3,492 deals.