Bearish sentiment persisted on banking stocks at the equity market on Friday, making the value of transactions traded on the floor of the Nigerian Exchange Ltd. (NGX) down by 2.60 percent.
Analysis of the market activities indicated trade turnover settled lower relative to the previous session.
Specifically, investors transacted a total of 257.86 million shares valued at N5.40 billion exchanged in 7,168 deals, as against 285.91 million shares worth N5.54 billion exchange in 7,726 deals posted on Thursday.
Consequently, the market capitalization, which opened at N56.469 trillion, shed N173 billion or 0.31 per cent to close at N56.296 trillion.
The All-Share Index also dropped 0.31 percent or 306 points to settle at 99,539.75, compared to 99,845.91 recorded in the previous session.
As a result, the Year-To-Date (YTD) return dipped to 33.12 percent.
Sell-offs in Guaranty Trust Holding Company (GTCO), FBN Holdings, Zenith Bank, Access Corporation, Stanbic IBTC Bank, Jaiz Bank, as well as United Capital and Unilever Nigeria, among other top decliners, drove the market to a negative terrain.
Meanwhile, market breadth closed negative with 20 losers and 14 gainers.
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On the losers’ chart, United Bank led by 10 per cent to close at N1.62, FBN Holdings followed by 9.83 per cent to close at N24.30, Tantalizers declined by 8.57 per cent to close at 32k per share.
Deap Capital Management shed 7.35 percent to close at 63k and Caverton went down by 6.83 percent to close at 1.50 per share.
On the gainers’ chart, FTN Cocoa Processors led by 9.60 percent to close at N1.37, RT Briscoe trailed by 9.26 percent to close at 59k, and Livestock Feed gained N1.45 per share.
Royal Exchange Assurance added 8.06 percent to close at 67k, while Consolidated Hallmark Plc rose by 7.44 percent to close at N1.30 per share.
On the activity chart, UBA led in volume with 38.72 million shares traded at value of N888.55 million, while GTCO led in value with 38.30 million shares worth N1.31 billion.
Access Corporation also sold 34.34 million shares worth N584.54 million, Zenith Bank traded 24.41 million shares worth N875.85 million and The Initiative Plc transacted 17.52 million shares worth N34.13 million.
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