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Tier -1 bank shares dip as NGX market cap loses N192bn




The banking index dropped on Thursday by 2.1 per cent, a day after recording a 5.01 per cent gain due to sell pressures on stocks of First Bank of Nigeria Holdings, AccessCorp, Zenith Bank, GTCO, United Bank for Africa, and Jaiz Bank.

FBN Holdings’ shares which led the losers’ chart dipped by 9.86 per cent or N2.90 per unit to close at N26.50. This comes a day after its market capitalisation had hit N1tn. It closed with a market cap worth N951.23bn.

The benchmark index declined by 0.49 per cent to 71,457.92 points, undoing the gains from the previous day while the market capitalisation closed at N39.102tn, resulting in investors losing N192bn.

The market recorded 29 gainers compared to 24 losers and the year-to-date return stood at 39.43 per cent.

Among the gainers for the day were Multiverse, SCOA, Axa Mansard, The Initiates Plc, International Breweries, and NAHCO which attracted buying interest amid the prevailing negative sentiments.  They gained 9.91 per cent, 9.76 per cent, 9.76 per cent, 9.52 per cent, 5.63 per cent and 5.04 per cent to close at N8.54, N1.35, N4.50, N1.15, N4.50, and N25 respectively.

Others on the losers table apart from FBNH, were Secure Electronic Technology, DEAP Cap, Champion Breweries, Tantalizer, and Jaiz Bank.

Investor sentiment appeared mixed across sectors, with negative performances in the Banking and Industrial indexes, which declined by 2.01 per cent and 0.01 per cent, respectively. This was attributed to pressured sell-offs in tier-1 banks and Lafarge Africa.

Conversely, the Insurance and Consumer Goods indexes closed mildly positive by 1.83 per cent and 0.03 per cent, influenced by renewed sentiment in the sector, while the Oil and Gas index remained muted.

The most traded security by volume was Universal Insurance with 52.73 million units in 87 trades, while Nigerian Breweries emerged as the most traded security by value on Thursday as it shares worth N1.39bn.