NGX-ASI dips by 0.10% as investors sell banking stocks

Sell pressure in banking stocks continued Wednesday on the Nigerian Exchange Limited (NGX), fuelling the market’s dip by 0.10 percent.

NGX sectoral performance shows NGX Banking Index decreased most by 0.82 percent, NGX Consumer Index (+0.49 percent), NGX Industrial Index (-0.11percent), NGX Insurance (+1.14 percent), and NGX Oil & Gas (-0.48 percent).

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“As the week progresses, market direction will hinge on whether consumer resilience can continue to offset sectoral drags from banks and oil & gas.

“With back-to-back declines in market breadth and increasing selectivity among investors, sustained momentum in consumer goods may be required to keep sentiment afloat. Absent that, a modest pullback could continue into the week’s close,” according to Lagos-based analysts at Vetiva Research.

Champion Breweries decreased most, from N8 to N7.20, down by 80kobo or 10 percent; followed by Lasaco which dropped from N2.80 to N2.52, losing 28kobo or 10 percent. Eunisell Interlinked rose most from N11.80 to N12.95, adding N1.15 or 9.75 percent; and Meyer rose from N9 to N9.80, adding 80kobo or 8.89 percent.

Read also: NGX-ASI up 0.46% on renewed bargains

At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from 109,730.47 points and N68.965 trillion respectively to 109,619.1 points and N68. 895 trillion.

Japaul Gold, Tantalizers, Fidelity Bank, Nigerian Breweries, and Custodian Investment were actively traded stocks. In 19,439 deals, stock investors exchanged 664,158,514 shares worth N12.996 trillion.