Investors are dropping FUGAZ shares

Sell pressure witnessed on shares of FBNH Plc, UBA Plc, GTCO Plc, Access Holdings Plc, and Zenith Bank Plc, (FUGAZ), resulted in the financial institutions losing about N62.955 billion at the close of trading yesterday.

The sell selloffs in the Tier-1 banks help to drive the market’s weak performance.

Commencing the weekly trading activities, the Nigerian Exchange Limited (NGX) halted its three-day winning streak as the All-Share Index lost 0.31% to finish at 52,348.82 points.

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As a result, the year-to-date (YTD) return fell to 2.14%, while market capitalization lost N89.14 billion to close at N28.51 trillion.

Breakdown of share prices performance: Checks by Nairametrics showed that UBA Plc dropped by 4.19% to N8.00 per share and N275.305 billion in market capitalisation from N8.35 per share and N285.565 billion in market capitalisation which was the opening figure on Friday 13^th January, accounting for a loss of N10.260 billion.

Access Holdings Plc shed 3.76% or N12.441 billion to close at N8.95 per share and N318.129 billion in market capitalisation from a share price of N9.30 and a market value of N330.560 billion recorded at the previous trading session.
Zenith Bank Plc dropped by 30.72% or N26.687 billion to finish at N24.60 per share and N775.493 billion in market capitalisation from N25.55 per share and N802.180 billion it closed the previous trading session.
GTCO Holdings dropped by 1.68% or N11.772 billion to close at N24.10 per share and N709.291 billion in market capitalisation from N24.50 per share and N721.291 billion during the period under review while FBN Holdings Plc trailed with a decline of 0.43% to N11.55 per share and N414.590 billion in market value from N11.6 per share and N416.385 billion it recorded on Friday.

In case you missed it: Trading activities on the floor of the Nigerian Exchange Limited (NGX) showed trade turnover closed higher relative to the previous session with the value of transactions up by 27.34%.

A total of 221.85 million shares valued at N3.25 billion were exchanged in 5,219 deals. UBA with a loss of -4.19% led the volume chart with 22.93 million units traded while GTCO Holdings with a loss of -1.63% led the value chart in deals worth N482.50 million.