The clear sell-off of major banking stocks on the floor of the Nigerian Stock Exchange drags the All-Share Index 0.15% lower and further below the 40,677.1 points it rounded off in the previous trading session, to close at 40,651.42 points at the end of trading session on Tuesday.
The banking Index lost 1.35% to remain the only sector dominated by the bear’s grips as major tickers in the sector feature on the losers list.
NSE Food Index grew 1.42% with Nigerian Breweries gaining 2.3%, NSE Insurance Index grew 0.95% and NSE Oil & Gas closed flat but all could not save the market from the dominance of red.
Other market metrics except for the aggregate value of trades closed negative with the number of deals struck dropping 0.46% from 4,109 deals to 4,090 in the corresponding session. The volume of transactions recorded also was a 7.05% decline from about 218.7million to about 203.3million units of shares traded also in the corresponding session. The aggregate value of trade however edged 98.4% higher to close at about N4.4billion as against the N2.2billion recorded yesterday.
Market Breadth closed negative leaving 12 stocks on the gainers list as against 25 stocks on the losers list
Insurance company well represented was led by Sovereign Trust Insurance PLC on the percentage gainers list with 5% gain, Continental Reinsurance followed by 4.23% gain, while NPF Microfinance and Wapic Insurance PLC also featured on the chart with 3.93% and 3.92% respectively.
On the flip side, Veritaskap lost 9.52%, Diamond Bank lost 9.39% while Skye Bank among 23 others lost 5.6%.
Despite a depressed outing, the banking stocks hold the most of market liquidity with a higher representation in terms of market deals, volume and value driver.
Zenith is with the highest deal of 374, ahead of FBNH with 318 deals.
Gauranty Bank PLC closed the highest volume and value driver with 37.1million units of its shares traded in 285 deals, valued at N1.6billion.