Profit-Taking in Banking Stocks Weakens NGX Index by 0.08%

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By Dipo Olowookere

The Nigerian Exchange (NGX) Limited closed lower by 0.08 per cent on Tuesday following profit-taking in the banking sector, especially tier-one stocks.

Sell-offs mostly in GTCO and Access Bank contributed to the downfall of the market yesterday as well as the banking index, which decreased by 0.97 per cent at the close of transactions.

It was the only decliner at the market on Tuesday, though the consumer goods sector closed flat as the industrial goods, insurance and energy counters appreciated by 0.08 per cent, 0.07 per cent and 0.06 per cent respectively.

When trading activities were ended at the session, the All-Share Index (ASI) reduced by 32.57 points to 38,873.85 points from 38,906.42 points, while the market capitalisation dropped N17 billion to settle at N20.254 trillion from N20.271 trillion.

At the market on Tuesday, a total of 184.4 million shares worth N2.3 billion were traded in 3,809 deals as against the 191.0 million shares worth N2.4 billion traded in 3,462 deals a day earlier, signifying that the volume of shares went down by 3.41 per cent, the value of shares reduced by 0.42 per cent, while the number of deals appreciated by 10.02 per cent.

UBA emerged as the most active stock with the sale of 39.0 million equities for N297.6 million. GTCO sold 19.0 million shares valued at N517.9 million, Zenith Bank transacted 14.2 million stocks worth N326.5 million, United Capital exchanged 12.9 million equities for N114.2 million, while Access Bank sold 101 million shares for N90.2 million.

Business Post reports that despite the loss, the market breadth closed positive with 16 price gainers and 13 price losers led by Neimeth, which lost 7.89 per cent to trade at N1.75.

Chams went down by 4.35 per cent to 22 kobo, Japaul depreciated by 4.08 per cent to 47 kobo, Sovereign Trust Insurance declined by 4.00 per cent to 24 kobo, while Wema Bank fell by 3.80 per cent to 76 kobo.

Conversely, MRS Oil Nigeria led the risers’ chart yesterday, gaining 9.75 per cent to trade at N15.20. Veritas Kapital appreciated by 9.52 per cent to 23 kobo, Regency Alliance grew by 6.82 per cent to 47 kobo, Unity Bank went up by 3.77 per cent to 55 kobo, while Courtville gained 3.23 per cent to sell at 32 kobo.

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