The Nigerian Exchange (NGX) began June on a bearish note as investor sentiment turned cautious due to a nationwide strike. The All-Share Index dropped to 99,118.86 points, a 0.13% decline from the previous 99,300.38 points.
The market saw equities lose N100 billion, causing market capitalization to fall from N56.172 trillion to N56.07 trillion. There was also a 5% decrease in the number of deals, with 8,082 transactions today compared to 8,519 in the previous session. This resulted in a turnover volume of 349.590 million shares, down from 433.998 million shares.
Despite the overall bearish trend, market breadth was slightly positive with 22 stocks gaining while 16 recorded losses. The decline was primarily driven by banking stocks like FBN Holdings, which fell by 4.69%, UBA by 1.35%, and Seplat by 1.3%.
Investors reacted negatively to the Central Bank of Nigeria’s revocation of Heritage Bank’s license. Although Heritage Bank is not listed on the NGX, the news impacted smaller banking stocks, with Unity Bank dropping 9.80% and Jaiz Bank falling by 9.65%.
Market Highlights
Top Gainers: Cornerstone Insurance and Deap Capital both rose by 10%. Oando Plc gained 9.75%, while Veritas Capital, RT Briscoe, and Regency Alliance Insurance increased by 8.47%, 8.33%, and 8.33% respectively.
Top Losers: eTranzact International led the decliners with a 9.82% drop, followed by Unity Bank (9.80%), Jaiz Bank (9.65%), McNichols Plc (9.09%), and Japaul Gold (4.78%).
– Top Traded Stocks: Veritas Capital topped the trading volume with 57.391 million shares, followed by GTCO (47.634 million shares), Access Holdings (46.322 million shares), AIICO (30.706 million shares), and Regal Insurance (14.555 million shares).
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Turnover Value Leaders:
GTCO led with N1.89 billion, Access Holdings followed with N796.32 million, MTN Nigeria with N397.37 million, Guinness Nigeria at N283.92 million, and Zenith Bank with N236.28 million.
**SWOOTs and FUGAZ Update**
There were no significant changes among stocks worth over one trillion naira, except for Seplat Energy, which declined by 1.3%. Airtel Africa, BUA Cement, BUA Foods, Dangote Cement, Geregu Power, GTCO, MTN Nigeria, Transcorp Power, and Zenith Bank all showed no price changes.
Top-tier banking stocks experienced bearish sentiment, with FBNH, UBA, and Access Holdings falling by 4.69%, 1.35%, and 0.29% respectively. GTCO and Zenith Bank remained unchanged throughout the day.
