Banking stocks sell pressure drags the NSE into the reds

Activities on the nation’s bourse on Tuesday maintained a negative stance for the second consecutive day, after sell pressure on banking equities.

Specifically, the All-Share Index (ASI) lost 86.01 points or 0.36 per cent to close at 24,114.59 compared with 24,200.60 achieved on Monday.

Thus, Month-to-Date and Year-to-Date losses increased to -1.5 per cent and -10.2 per cent , respectively.

Similarly, the market capitalisation which opened at N12.624 trillion shed N45 billion or 0.36 per cent to close at N12.579 trillion.

The downturn was impacted by losses recorded in large and medium capitalised stocks, amongst which are; Guaranty Trust Bank, Zenith Bank, GlaxoSmithKline, Access Bank and Africa Prudential.

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Analysts at APT Securities and Funds Limited said the market would maintain a bearish outlook.

“We retain our opinion on a bearish outlook. We therefore advise for a mid to long term positioning as the market technically are down at this time,” they said.

Market breadth closed negative with eight gainers and 15 losers.

Arbico led the losers’ chart in percentage terms, doping by 9.94 per cent, to close at N1.54, per share.

GlaxoSmithKlinecame second with a loss of 9.38 per cent to close at N4.35, while Associated Bus Company dropped 9.09 per cent to close at 50k, per share.

Sterling Bank shed 4.72 per cent to close at N1.21, while Africa Prudential lost 4.24 per cent to close at N4.07, per share.

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On the other hand, Unilever dominated the gainers’ table in percentage terms, gaining 9.64 per cent to close at N13.65 per share.

Chams and Regency Alliance Insurance followed with a gain 4.55 per cent each to close at 23k per share eac.

Japaul Oil improved by 4.17 per cent to close at 25k, while Jaiz Bank appreciated by 3.70 per cent to close at 56k per share.

The total volume of transacted shares decreased by 9.96 per cent with an exchange of 208.20 million shares, worth N1.06 billion, achieved in 4,174 deals.

This was against 231.23 million shares valued at N2.15 billion transacted in 3,950 deals on Monday.

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Transactions in the shares of Sterling Bank topped the activity chart with 78.92 million shares valued at N98.65 million.

United Bank for Africa followed with 15.78 million shares worth N96.03 million, while Japaul Oil traded 12.79 million shares valued at N3.22 million.

FBN Holdings traded 10.93 million shares worth N56.004 million, while Zenith Bank transacted 10.65 million shares valued at N167.11 million.

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