Wednesday, July 30, 2025
24.3 C
Lagos

Selloffs in Banking Stocks Extend Bearish Run to Third Consecutive Day

Yesterday, sell-offs in Banking stocks – ZENITH (-1.6%), GUARANTY (-0.9%),ACCESS (-3.4%) and UBA (-2.0%) – extended the bearish performance in the market to the third consecutive trading session as the All Share Index (ASI) fell 7bps to 37,226.44 points while YTD loss worsened to 2.7%. Consequently, investors lost N9.7bn as market capitalisation remained at N13.5tn. However, activity level was mixed as volume traded decreased by 7.8% to 263.0m units while value traded increased by 10.0% to N4.1bn.ACCESS (42.9m), ZENITH (40.8m) and SOVERNINS (33.8m) were the most traded stocks by volume while ZENITH (N1.0bn), INTBREW (N0.8bn) and UNILEVER (N0.7bn) were the most traded stocks by value.

Mixed Sector Performance
The performance across sectors under our watch remained mixed as 2 of 5 indices closed higher. The Industrial Goods index rose 0.5% due to bargain hunting in DANGCEM (+0.9%) and WAPCO (+1.8%) while the Consumer Goods index gained 0.1% following buy interest in INTBREW (+5.6%) and UNILEVER (+0.3%).

On the other hand, the Banking index led losers, shedding 1.4% on the back of sell-offs in ZENITH (-1.6%), GUARANTY (-0.9%), ACCESS (-3.4%) and UBA (-2.0%). Similarly, the Insurance and Oil & Gas indices declined 1.1% and 0.6% respectively due to continued profit taking in CUSTODIAN (-3.8%) and FORTE (-7.4%).

Investor Sentiment Weakens
Investor sentiment as measured by market breadth (advance/decline ratio) weakened to 0.5x from 0.7x recorded yesterday as 15 stocks advanced against 30 stocks that declined. Yesterday’s best performing stocks were CUSTODIAN (+8.5%), INTBREW (+5.6%) and MULTIVERSE (+5.0%) while the worst performing stocks were BETAGLAS (-10.0%),TANTALIZER (-9.1%) and MCNICHOLS (-9.0%).
As highlighted yesterday, we continue to see some late bargain hunting in the market, albeit, insufficient to upturn market performance. Hence, we expect to see a similar trend in tomorrows’ trading activity.

spot_img
spot_img
spot_img

Hot this week

Two NCDMB Leaders Bag Doctorate Degrees at UNIPORT Convocation

Two senior officials of the Nigerian Content Development and...

Sovereign Trust Insurance Reports 109% Insurance Revenue Growth in 2024

Sovereign Trust Insurance Plc recently released its 2024 audited...

NAICOM Issues Guidelines for Insurtech Operations Effective Aug 1

The National Insurance Commission (NAICOM) has officially issued operational...

Leadway Assurance: Official Insurance Partner of Lagos International Trade Fair 2025

L–R: Juliet Okon, Head, Alternative Channel and High Net-worth...

NNPCL: Port Harcourt Refinery Not for Sale

Group CEO, NNPC Limited, Engr. Bashir Bayo Ojulari addressing...

Topics

Bank Fraud Threatens CBN Cashless Policy

Researchers at the University of Ibadan have warned that...

Universal, Guinea, Norrenberger Group to Sponsor NAIPE AGM

Universal Insurance Plc, Guinea Insurance Plc and Norrenberger Group...

Protein Nutrition: Roadmap to a Healthy Future

By Reginald Onabu The journey of life runs from childbirth...

USPF Donates Emerging Tech Centre to Ogun State Institute of Technology

The Universal Service Provision Fund (USPF) of the Nigerian...

PILA Pays Courtesy Visit to Sovereign Trust Insurance Plc

Members of the Professional Insurance Ladies Association (PILA) with...

Special Report: The Leading Insurance Companies in Nigeria

The Tunisian Federation of Insurance Companies “FTUSA” and Tunisian Reinsurance Company “TUNIS RE” are honored to host the 42nd AIO Conference and General Assembly from 24th to 27th May in Gammarth, Tunisia. The conference will be organised under the auspices of the African Insurance Organisation “AIO.” This conference presents a good opportunity for a valuable exchange of ideas and experiences in order to support business exchange between the different partners of our industry.

17 Insurance Firms Await June 30 NAICOM Deadline

A total of 17 insurance companies are racing to secure approval of their 2014 annual accounts by the industry regulator, National Insurance Commission (NAICOM) by the close of work on Tuesday, June 30, 2015. Already, 23 operators have received NAICOM approval on their account. Click here to make lazy tweet

Old Mutual, Axa Mansard, Ecobank, Microsoft for Insurance Tech Confab

Leading thought leaders and C-Suite Executives from corporate organisations...
spot_img

Related Articles

Popular Categories

spot_imgspot_img