Investors in the equities market of the Nigerian Exchange Limited have lost N2.44bn as development analysts attribute these losses to the sell-offs of some banking stocks.
Analysts at Cordros Capital said, “The domestic bourse traded marginally lower today as investors’ selling activities in Tier 1 stocks – FBN Holdings Plc (- 0.7 per cent), Access Bank Plc (-1.1 per cent) and Guaranty Trust Holding Company Plc (-0.9 per cent) triggered a one basis point decline in the ASI.”
Atlas Portfolios Limited’s analysts noted that “A tepid market saw losses printed on the market by price depreciation in banking tickers as bargain hunting intensifies.”
Top losers were Regency Alliance Insurance Plc (-6.98 per cent), Mutual Benefits Assurance Plc (-5.71 per cent), and Caverton Offshore Support Group Plc (-5.49 per cent).
While top gainers were Pharma-Deko Plc with a 10.00 per cent gain to close at N1.43 per share, followed by BOC Gases Plc, which gained 8.33 per cent to close at N10.10 per share.