GTbank, Access, others drag NSE to negative close

Sell-offs in tier one banks that GTBank, Access Bank and Zenith Bank Plc on Tuesday dragged the Nigerian bourse downwards with the stock market finishing on a negative note as the ASI depreciated further by 0.36% to close at 24,114.59 from 24,200.60 index point.

According to data obtained by National Daily, Zenith Bank sell-offs drops by 3.7%, GTBank  by -3.18% while Access Bank dropped by -3.17%, resulting in the market capitalization declining by 0.36% to close at N12.579 trillion

Likewise, activity level decreased as volume and value traded slipped by 9.96% and 50.84% respectively to 208.20 million and N1.0589billion. STERLNBK was the most traded stock by volume at 78.9million units while ZENITHBANK finished the most traded stock by value at N167.1 million.

Market sentiment, as measured by market breadth, closed in favour of the bear with 15 tickers closing in red relative to 8 gainers. GLAXOSMITH and AFRIPRUD were the top losers of the day with -9.38% and -4.24% declines; while UNILEVER and JAPAUL OIL recorded the largest gains with +9.64% and +4.17% appreciation in share value.

The depreciation in the ASI was largely driven by the Banking Index, losing -2.80%. The Oil & Gas Index also trailed to shed -0.42%, while the Consumer, Industrial and Insurance indexes appreciated marginally by 0.44%, 0.25% and 0.14% respectively.

Conversely, buying interest in UNILEVER (+9.64%) buoyed the Consumer Goods index. Likewise, the Industrial and Insurance index gained, on the back of appreciation in BUACEMENT, REGALINS and NEM.

UNILEVER up 9.64% to close at N13.65,CHAMS up 4.55% to close at N0.23,JAIZBANK up 3.70%to close at N0.56, TRANSCORP up 3.23% to close at N0.64,BUACEMENT up 0.61% to close at N41.45

GLAXOSMITH down 9.38% to close at N4.35, AFRIPRUD down 4.24% to close at N4.07, ZENITHBANK down 3.70% to close at N15.6, GUARANTY down 3.18% to close at N21.3, ACCESS down 3.17% to close at N6.1