As of today, May 23, banking stocks caused the NGX to lose money for the second day in a row, losing a total of N108.54 billion in market value.
The NGX has been on a negative run since the announcement of the 150-bps raise in the MPR to 26.25%; as of May 21, 2024, it has dropped by 0.45% from 98,285.33 points.
The NGX fell by 0.15% on May 23, 2024, closing with an All-Share Index of 97,840.99 points as opposed to 98,128.00 points the previous day.
Additionally, while the market value dropped from N55.509 trillion to N55.424 trillion yesterday, stocks saw a total loss of N85 billion.
Even though the country’s inflation rate as of April is 33.69%, the equity market is providing a negative real return, with the NGX having gained 30.85% year to date.
Market breadth was negative, with 28 stocks declining compared to 14 gainers. Among all listed banking stocks, only FCMB Group posted a gain. Fidelity Bank fell by 5.88%, while Jaiz Bank dropped 5.21%. GTCO Holdings and Access Holdings saw significant losses, with their market values decreasing by N29.4 billion and N17.75 billion, respectively.
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Market Highlights
There was a 16.5% increase in trading volume to 316.453 million traded shares, as the number of deals increased by a marginal 6.3% to 7,851 from 7,383 yesterday.
The top gainers during the day were C&I Leasing which gained 9.90%, Caverton Offshore gained 7.69%, Chams Holdco also gained 7.14%, Consolidated Hallmark Holdings gained 6.15%, Veritas Capital Assurance gained 5.36%, and Africa Prudential gained 3.82%.
The top loser was Skyway Aviation Handling Co, which lost 9.80%, followed by NEM Insurance which lost 9.47%, Tantalizers lost 9.26% as investors took profit after a bullish run that lasted almost a week. Japaul Gold lost 7.37%, Mutual Benefit Assurance lost 7.02%, and Fidelity Bank lost 5.88%.
The top traded stock during the day in terms of volume was UBA which declined by 1.72%, with 50.316 million shares. GTCO Holdings lost 2.63% and recorded 38.544 million shares traded. Zenith Bank with 0.48% loss saw 28.943 million shares, Transcorp declined by 1.35% and 21.645 million shares, and Julius Berger Nigeria recorded 17.645 million shares.
In terms of value, Julius Berger led the trading activity with N1.465 billion, followed closely by GTCO at N1.428 billion. UBA recorded N984.76 million in trades, while Zenith Bank saw N878.76 million. Seplat Energy Plc, posting a 1.28% gain, rounded out the top five with N641.8 million.
Read also: NGX Warns Julius Berger For Insider Trading During Closed Period
SWOOTs Highlights
Trading sentiment for SWOOTs was mixed as GTCO Holdings and Zenith Bank posted 2.63% and 0.48% losses, while Seplat Energy posted a 1.28% gain. Other members of the category, Airtel Africa, BUA Foods, BUA Cement, Dangote Cement, Transcorp Power, Geregu Power, and MTN Nigeria posted no price changes.
