NGX sheds N137bn as banking, insurance stocks slide

NGX sheds N137bn as banking, insurance stocks slide

The Nigerian equities market extended its bearish trend on Monday as investor sell-offs pushed key indicators further into negative territory. The All-Share Index dropped by 265.99 points to close at 239,085.17, representing a decline from Friday’s benchmark of 239,351.16.

Correspondingly, overall equity market capitalisation shed N137.12bn during the trading session, contracting to N154.40tn compared with N154.53tn recorded at the close of the previous week.

Over the five-day trading period, the benchmark index fluctuated between a high of 241,611.23 points on Tuesday and a low of 239,085.17 points on Monday, recording an average of 240,167.17 points for the week.

Trading activity across the Exchange yielded a total turnover of 668.68m shares exchanged across

45,817 deals in the equities sector.

Sectoral performance reflected broad selling pressure across multiple market segments. The NGX Banking Index dipped to 2,458.04 points, driven down by notable losses in tier-one and tier-two lenders, including Fidelity Bank Plc, which dropped 6 per cent to close at N18.80, and United Bank for Africa Plc, which lost 1.44 per cent to settle at N44.45.

Additional pressure came from First Holdco Plc, falling 1.58 per cent to N127.90, and Wema Bank

Plc, declining 1.19 per cent to N28.95.

However, some financial counters bucked the downward trend, led by Access Holdings Plc, which advanced 1.85 per cent to N27.50, and Guaranty Trust Holding Company Plc, which added 0.55 per cent to close at N127.70. The insurance sector also experienced noticeable contraction, with the NGX Insurance Index falling to 1,080.69 points. International Energy Insurance Plc posted the heaviest sectoral loss, plunging 9.82 per cent to N3.49, closely followed by Guinea Insurance Plc, which sank 5.19 per cent to N0.73. Coronation Insurance Plc and Prestige Assurance Plc also registered declines of 3.85 per cent and 3.47 per cent respectively.

Conversely, Sunu Assurances Nigeria Plc provided a bright spot within the insurance space, gaining 3.33 per cent to close at N3.10.

Despite the prevailing market downturn, several individual equities managed to record notable price advances. Red Star Express Plc topped the gainers chart, surging 9.86 per cent to finish at N16.15. University Press Plc followed closely with a 9.38 per cent increase to N5.25, while UPDC Plc rose 5.97 per cent to close at N3.55. Haldane McCall Plc and Japaul Gold & Ventures Plc also posted positive performances, appreciating 3.90 per cent and 2.76 per cent to settle at N4.00 and N2.98 respectively.

On the flip side, Neimeth International Pharmaceuticals Plc joined the top losers list after shedding

9.38 per cent to end the day at N7.25. Beyond the main equities market, activity in derivative and fixed-income products remained mixed.

Exchange Traded Funds recorded 1,430 trades with a volume of 368,055 units, led by price gains in Vetiva Industrial ETF and NewGold ETF.

Source: https://punchng.com/ngx-sheds-n137bn-as-banking-insurance-stocks-slide/