Bank stocks keep local market down 0.07%

By Dipo Olowookere

The local stock market remained in bearish territory on Tuesday as it depreciated 0.07% at the close of business due to selling pressure in the banking sector.

The loss recorded by the Nigerian Exchange (NGX) Limited was influenced by the 0.13% depreciation suffered by bank shares. The fall in the banking sector eclipsed the gains printed by the other sectors.

The energy meter appreciated 0.10%, the insurance space rose 0.08%, while the consumer goods and industrial goods sectors closed.

At the close of trade, the All-Share Index (ASI) was down 34.06 points to 49,642.69 points from 49,676.75 points, while the market capitalization was down N18 billion to 26,776 billion naira against 26,794 billion naira.

Business post reports that the market was relatively quiet yesterday as only 126.0 million shares worth N3.1 billion were traded in 4,145 trades, compared to 232.9 million shares valued at 2, 2 billion naira processed in 4,425 transactions on Monday.

This implied that the volume of transactions depreciated by 45.93%, the number of transactions decreased by 6.33% and the value of transactions improved by 40.57%.

Mutual Benefits was the most active stock during the session as it traded 25.3 million units valued at 8.2 million naira and was followed by Fidelity Bank which sold 10.2 million units for 31.1 million naira.

Access Holdings traded 9.0 million shares worth N73.7 million, FBN Holdings traded 7.7 million shares worth N84.3 million, while MTN Nigeria sold 7.3 million shares for 1.5 billion naira.

The market breadth was flat yesterday as there were 13 price winners and losers at the close of trade.

Courteville recorded the biggest drop, 7.69%, to close at 48 Kobo, with FCMB shedding 4.06% to trade at N3.07. UPDC depreciated 3.77% to N1.02, NAHCO fell 3.72% to end at N5.70, while Cadbury Nigeria fell 2.99% to N13.00.

The highest price gainer was eTranzact as its value rose 9.65% to N2.50, Sovereign Trust Insurance improved 7.69% to 28 Kobo, Vitafoam rose 7, 27% to 23.60N, Japaul was up 6.45% to 33 Kobo, while Consolidated Hallmark Insurance gained 4.84% to sell for 65 Kobo.