By John Ikani
The Nigerian Exchange (NGX) kicked off June with a cautious mood as investors reacted to the nationwide strike.
The All-Share Index closed at 99,118.86 points, reflecting a slight dip of 0.13% compared to the previous day’s 99,300.38 points.
Equities shed N100 billion, bringing the market capitalization down to N56.07 trillion from N56.172 trillion last Friday.
Trading activity saw a minor decline of 5%, with 8,082 deals completed today compared to 433.998 million shares traded on the previous session.
The total volume of shares traded today was 349.590 million.
Despite the overall bearish tone, there were some bright spots. The market breadth was slightly positive, with 22 stocks gaining ground compared to 16 that lost value.
The decline was largely driven by banking stocks, with FBN Holdings leading the losses at 4.69%, followed by UBA at 1.35%. Seplat also dipped 1.3%.
News of the Central Bank of Nigeria (CBN) revoking Heritage Bank’s license further impacted investor sentiment.
Although not listed on the NGX, the news had a ripple effect on smaller banking stocks. Unity Bank and Jaiz Bank were hit hard, losing 9.80% and 9.65% respectively.
Market Movers
Top Gainers: Cornerstone Insurance and Deap Capital (both up 10%), followed by Oando Plc (9.75%), Veritas Capital (8.47%), RT Briscoe (8.33%), and Regency Alliance Insurance (8.33%).
Top Losers: eTranzact International (down 9.82%), Unity Bank (9.80%), Jaiz Bank (9.65%), McNichols Plc (9.09%), and Japaul Gold (4.78%).
Top Traded Stocks (by Volume): Veritas Capital (gained 8.47%, 57.391 million shares), GTCO (47.634 million shares), Access Holdings (down 0.29%, 46.322 million shares), AIICO (30.706 million shares), and Regal Insurance (14.555 million shares).
Top Traded Stocks (by Value): GTCO (N1.89 billion), Access Holdings (N796.32 million), MTN Nigeria (N397.37 million), Guinness Nigeria (gained 0.61%, N283.92 million), and Zenith Bank (N236.28 million).
Large Cap Performance:
SWOOTs (Stocks Worth Over One Trillion): No significant changes except for Seplat Energy, which dropped 1.3%. Airtel Africa, BUA Cement, BUA Foods, Dangote Cement, Geregu Power, GTCO, MTN Nigeria, Transcorp Power, and Zenith Bank remained unchanged.
Banking Sector Watch:
FUGAZ (Top Tier Banking Stocks): Bearish sentiment with FBN Holdings, UBA, and Access Holdings down 4.69%, 1.35%, and 0.29% respectively. GTCO and Zenith Bank held steady.
