NGX sheds 0.06% amid sell-off in banking stocks

At the close of Wednesday’s trade, the All-Share Index of the Nigerian Exchange Limited further declined by 0.06 per cent to close at 38,233.68 points.

The market capitalisation also dropped further to N19.93tn while investors lost N12.02bn.

Further results showed that on the losers and gainers chart, the stocks of 20 companies appreciated while that of 14 companies declined.

The year-to-date loss of the ASI also worsened to -5.05 per cent.

Sell-offs in tier-1 banking stocks such as Zenith Bank, GuarantyTrust Bank, United Bank for Africa and FBN Holdings saw their share prices go moderate, even as Flour Mills of Nigeria share price fell by 5.25 per cent.

Sectoral performance was mixed as two of the indices tracked closed in the red zone while the others moved in mixed directions.

The banking and consumer goods indices fell by 0.44 per cent and 0.08 per cent respectively.

While the insurance index rose by 1.17 per cent, the oil and gas and industrial indices closed flat.

Trading activity was positive as total deal and value of stock rose.

At the close of trading, the total volume of stocks dropped to 203.08 million units, valued at N1.82bn in 3,594 deals.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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