NGX sheds N137bn as banking, insurance stocks slide

The Nigerian equities market extended its bearish run on Monday, shedding N137.12bn as investors sold off banking and insurance stocks. The All-Share Index dropped 265.99 points to close at 239,085.17, down from Friday's 239,351.16.

Overall market capitalisation contracted to N154.40tn from N154.53tn. During the five-day trading period, the index moved between a high of 241,611.23 points on Tuesday and a low of 239,085.17 points on Monday, averaging 240,167.17 points. Total turnover was 668.68m shares across 45,817 deals.

Banking stocks drag

Banking stocks led the sell-off. The NGX Banking Index dipped to 2,458.04 points. Fidelity Bank dropped 6 per cent to N18.80, United Bank for Africa lost 1.44 per cent to N44.45, First Holdco fell 1.58 per cent to N127.90, and Wema Bank declined 1.19 per cent to N28.95. Access Holdings advanced 1.85 per cent to N27.50, while GTCO added 0.55 per cent to close at N127.70.

Insurance pressure

The NGX Insurance Index fell to 1,080.69 points. International Energy Insurance posted the heaviest loss, plunging 9.82 per cent to N3.49. Guinea Insurance sank 5.19 per cent to N0.73. Coronation Insurance and Prestige Assurance declined 3.85 per cent and 3.47 per cent respectively. Sunu Assurances rose 3.33 per cent to N3.10.

Gainers and losers

Some equities stood out. Red Star Express topped the gainers chart, surging 9.86 per cent to N16.15. University Press rose 9.38 per cent to N5.25, UPDC gained 5.97 per cent to N3.55, Haldane McCall appreciated 3.90 per cent to N4.00, and Japaul Gold & Ventures added 2.76 per cent to N2.98. On the losing side, Neimeth International Pharmaceuticals shed 9.38 per cent to N7.25.

ETF activity

Exchange Traded Funds recorded 1,430 trades with a volume of 368,055 units, led by price gains in Vetiva Industrial ETF and NewGold ETF.