Banking stock selloffs keep market indices flat

By Rukayat Adeyemi
Bearish trading persisted on the floor of the Nigerian Exchange Ltd. (NGX) on Wednesday, leading the overall market indices to close flat.
Selloffs in Tier-one banking stocks, namely Guaranty Trust Holding Company (GTCO), Zenith Bank, and United Bank for Africa (UBA), among other declined equities, affected the market’s poor performance.
Consequently, the market capitalisation shed N2 billion or 0.004 per cent to close at N56.456 trillion, as against N56.458 trillion recorded on Tuesday.
The All-Share Index also lost 0.004 per cent or four points to settle at 99,802.08, having opened at 99,805.95 posted in the previous session.
The Year-To-Date (YTD) return slipped to 33.47 per cent.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down 78.06 per cent.
A total of 935.15 million shares valued at N11.84 billion were exchanged in 8,160 deals, in contrast to 422.69 million shares valued at N53.96 billion were exchanged in 8,256 deals posted previously.
However market breadth closed positive with 26 gainers and 22 losers on the floor of the NGX.
ABC Transport topped 25 other advanced equities on the gainers table by 10 per cent to close at 77k per share, while THOMASWY led 22 declined equities on the losers’ table by 10 per cent to close at N2.16 per share.
Meanwhile, Fidelity Bank led the volume and value chart with 698.21 million shares worth N7.27 billion. (NAN)