Selling pressure on banking stocks wipe N44.3bn off investors portfolio

Stock investors saw N44.296 billion wiped out of their portfolio on Tuesday as the Nigerian Bourse closed bearish for the second consecutive day, with the market capitalization dropping to N13.302 trillion.

The loss was due to sell-offs in GUARANTY, ZENITHBANK, UBN, GUINNESS ACCESS among others despite a slight gain (0.76%) in MTNN.

The All Share Index declined by 0.33% to close at 25,497.32 on Tuesday with the Banking Index shedding 3.42%.

YTD loss rose to 5.01%.

Have you read?

Activity level

The market activity was relatively stable on Tuesday with the volume (-1%) and value (+2%) of traded shares at 251.964 million and N2.044 billion respectively.

The top three traded equities by volume are:

The top three traded equities by value are ZENITHBANK, GUARANTY, and CUSTODIAN.

Performance of Indices

Four out the five indices under our watch closed in green except the Banking Index.

The Banking Index was down by 3.42% to close at 289.72, a second consecutive day of decline.

The Insurance Index rose for the fourth straight trading session in a row. The index gained 0.26% to close at 136.29.

Consumer Goods index rose by 0.43% to close at 433.65

The Industrial Goods Index gained 0.01% to close at 1,24.62, third straight gains while the Oil and Gas Index rose by 0.19%.

Investor sentiment

Investor sentiment as measured by market breadth (gain/loss ratio) was weak on Tuesday at 0.53x as only 10 stocks advanced with 19 declining.

Read more;

The top five gainers by percentage and closing prices are;

The top five decliners by percentage are;

Analyst’s view

We expect profit taking and bargain hunting to drive the market performance in the coming week, with a mixed activity level.

Written by;

Ifunanya Ikueze

Exit mobile version