High sell-off dips banking industry by 0.31%

The All-Share Index (ASI) of the Nigerian Exchange Limited (NGX), which measures local stocks, fell by 0.31 percent to 52,348.82 basis points at the start of the trading week, with declines in banking sector prices being a major factor.

Notably, investors reduced their holdings in key companies like Zenith Bank, Guaranty Trust Holding Company, Wapco, United Bank for Africa, Access Corporation, and Nigerian Breweries, which caused their share prices to decline by 4.19 percent, 3.76 percent, 3.72 percent, 3.56 percent, and 1.17 percent, respectively.

As a result, even though the exchange recorded more losers than winners, the NGX ASI’s year-to-date gain decreased to 2.14 percent. Also, quity investors lost N89.14 billion, and the market cap decreased to N28.51 trillion by the end of trading on Monday.

Market breadth ended in the negative, with more issues in decline than in advance. On the performance board, Presco beat 13 other companies on the gainer’s log while Livestock ranked 18 other companies on the laggard’s table due to a 7.69 percent decline in share value.

Three of the five tracked indices closed in the red, indicating poor sector performance. Particularly, the NGX Consumer Goods index fell by 0.08 percent.

The NGX Banking and NGX Industrial Indices both decreased by 3.39 percent and 0.18 percent, respectively. The NGX Insurance Index and the NGX Oil/Gas Index, on the other hand, had increases of 0.39 percent and 0.09 percent, respectively.

NGX Premium and NGX-30 both had losses in the overall market of 0.58 percent and 0.30 percent, respectively.

Market activity analysis revealed that trade turnover settled higher in comparison to the prior session, with the value of transactions increasing by 27.34 percent.

In total, 5,219 transactions involved 221.85 million shares for N3.25 billion. Guaranty Trust Holding Company topped the value chart with transactions of N482.50 million, while United Bank for Africa topped the volume list with 22.93 million units traded.

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