Nigerian Stock Exchange Watch: Losses Extend Further, GTAssure on Bullish Run

The market declined further into negative territory on the back of a bearish banking sub sector. The All Share Index declined by 0.15%. The market capitalization inched upwards due to the listing of additional Union Bank Shares. The ASI and Market Capitalization stand at 20,814.35 and N 6.63 trillion respectively.

Top-tier banks including Zenith (-1.38%), UBA (-1.87%), and GTBank (-0.34%) contributed to the banking index shedding 66 basis points. Also in the red, Access Bank (-3.85%), Sterling (-1.71%), and Stanbic (-0.44%) retreated further.

Only 3 banking counters recorded appreciation, First Bank (+0.95%), Fidelity (+2.11%), and Union Bank (+4.67%) as investors took positions.

The breweries sub-sector continued its quiet streak as Guinness and Nigerian Breweries traded flat.

cAP Plc led the building materials sub-sector with a gain of 500 basis points, Dangote cement was quiet as it only picked up a basis point. Ashaka Cement (-4.91%) was the stock trailing the market.

Conglomerates UACN (+4.99%) and Transcorp (+4%) were in the green.

The Insurance sub-sector was led by GT Assurance with a gain of 3.95%. Custodian (-3.33%) and Prestige (-3.77%) were the stocks in the red, however the Insurance index gained 59 points.

The volume of shares traded today declined by 18% at 176 million units while their value dropped 32% at N 1.4 billion.

Today’s price appreciation chart leaders were:

Trailing in terms of Price movement included:

Activity chart leaders were: