Financial Services Stocks Lead as Bears Tighten Grip on Equities Market

Banking and insurance stocks were among the top price losers that drove the market further down as the bears tightened their grip on the equities market Tuesday. The Nigerian Stock Exchange (NSE) All-Share Index recorded its seventh consecutive decline, shedding 0.31 per cent to close at 35,288.23. Similarly, the market capitalisation shed N40.5 billion to close lower at N12.9 trillion. Consequently, the year-to-date decline has hit 7.73 per cent.

A total of 34 stocks depreciated, while 13 appreciated. Counters in the financial services sector of the market comprising banking/ insurance and consumer foods stocks dominated the trading session. GTBank Plc, FBN Holdings Plc, Access Bank Plc, Union Bank of Nigeria Plc, Ecobank Transnational Incorporated, Nigerian Breweries Plc, Flour Mills of Nigeria Plc are among the price losers.

However, ABC Transport Plc and Union Diagnostic led the laggards’ table with 10 per cent apiece, trailed by Northern Nigerian Flour Mills Plc and Eterna Plc that went down by 9.7 per cent apiece. UAC Nigeria Plc and Continental Reinsurance Plc shed 9.6 per cent and 9.4 per cent in that order.

Mutual Benefits Assurance Plc led the price gainers, rising 10 per cent, followed by Custodian Investment Plc with 9.9 per cent. Livestock Feeds Plc and Consolidated Hallmark Insurance Plc garnered 9.5 per cent and 9.3 per cent respectively.

Activity level was mixed as volume traded improved 2.5 per cent to 164.0 million shares units while value traded fell 27.2 per cent to N1.6 billion.