Banking stocks bleed as equities shed N11bn

Investors in the equities market of the Nigerian Exchange Limited lost N11.02 billion at the end of trading on Wednesday as banking stocks declined for the eighth consecutive trading day.

The NGX All-Share index dropped by 0.05 per cent from 38,873.85 basis points to 38,852.69bps, while the market capitalisation decreased from N20.25 trillion to N20.24 trillion.

All trading indices fell as the volume of shares and value of shares traded dropped by 15.54 per cent and 35.47 per cent respectively.

At the end of trading on the floor of the NGX on Wednesday, 155.77 million shares valued at N1.51 billion were exchanged in 3,256 deals as compared to the previous day’s tally of 184.44 million shares worth N2.34 billion in 3,809 deals.

Analysing by sectors the NGX Banking and Consumer Goods indices lost 0.83 per cent and 0.02 per cent of value respectively, while other sectoral indices gained.

Universal Insurance Plc outdid the traded stocks in terms of volume, accounting for 12.22 per cent of the total volume of trades, while Guaranty Trust Holding Company Plc was the most traded stock in value terms, representing 17.96 per cent of the total value of trades on the exchange.

Veritas Kapital Insurance Plc led the losers’ table as its share price dipped by 8.70 per cent to N0.21 amid negative sentiment. Atop the gainers’ chart was Transcorp Hotels Plc with a 10.00 per cent increase to N4.95 per share.