GTCO, Access Bank Edge Over Falling Banks on NGX

GTCO, Access Bank Edge Over Falling Banks on NGX

The equities market started the week bearish, as gains in GTCO Plc, Access Holdings Plc, and 14 other stocks couldn’t offset widespread losses across various sectors, particularly in financial services, on Monday.

The Nigerian Exchange (NGX) benchmark All-Share Index (ASI), which measures the performance of traded equities, dropped to 143,614.61 points from 143,722.62 points recorded on Friday, reflecting a 0.08% decline. Consequently, market capitalisation fell by N68.69 billion to close at N91.35 trillion.

The downturn extended the market’s recent weak performance, dragging the year-to-date return lower to +39.53% from 39.64% at the end of the previous week as investors wait for a clear direction over uncertainties in Capital Gains Tax (CGT) and monetary policy rate direction.

Market summary   

• Current ASI: 143,614.61 points
• Previous ASI: 143,722.62
• Day Change: -0.08%
• Year-to-Date Performance: +39.53%
• Volume Traded: 694.78 million units,
• Value Traded: N28.67 billion
• Market Cap: N91.35 trillion

Top 5 Gainers: 

1. ETRANZACT: Up +9.06% to N14.45
2. INTENEGINS: Up +8.49% to N2.30
3. MCNICHOLS: Up +7% to N2.75
4. CILEASING: Up +5.47% to N5.59
5. UPDC: Up +5.26% to N6.00

Top 5 Losers: 

1. FG152028S1: Down -69.39% to N30.00 (Loss: N68.00)
2. NPFMCRFBK: Down -7.85% to N2.70
3. PRESTIGE: Down -7.48% to N1.36
4. STERLINGNG: Down -6.94% to N6.70
5. WAPIC: Down -6.18% to N2.43

Sectoral Performance: 

• Insurance: Down 0.8%
• Oil & Gas: Down 0.6%
• Banking: Down 0.3%
• Industrial Goods: flat
• Consumer Goods: flat

GTCO, Access Holdings defy sector slump 

Despite negative sentiment across the banking sector that left the broader banking index down by 2.3%, GTCO and Access Corp emerged as standout gainers. GTCO led both the volume and value charts, trading 203.85 million shares valued at N17.24 billion across 973 deals to close 0.36% higher at N84.80 per share. Access Holdings advanced 1.46% to end trading at N20.80, with 21.88 million shares exchanged in 1,262 transactions.

Major banking stocks pressure the index lower 

Losses in UBA (-2.85%), Sterling Financial Holdings (-6.94%), and Fidelity Bank (-0.26%) weighed heavily on the banking sector, extending the sell-side bias from the prior session. Transcorp Plc also fell 1.10%, contributing further to the index’s decline.

Fidelity Bank traded 131.51 million units at N19.05 in 588 deals, reflecting investor profit-taking after recent gains. Meanwhile, NPF Microfinance Bank topped the losers’ chart, falling 7.85%. Overall, declining stocks outnumbered gainers, signalling weak investor sentiment.

• UBA -2.9% 
• STERLINGNG -6.9% 
• ZENITHBANK -0.4% 
• Fidelity Bank -0.26% 

Turnover improves despite market fall 

The total volume of trades increased by 5.8% to 694.78 million units, valued at N28.67 billion, and exchanged in 24,041.00 deals, driven largely by high-value trades in GTCO and Access Corp. GTCO was the most traded stock by volume and value at 203.85 million units and N17.24 billion, respectively.

Outside the financial sector, gains in eTranzact (+9.06%), Unilever Nigeria (+4.35%) and selected growth-focused firms provided some market support. The NGX Growth Index was the only major index to record gains, rising from 13,925.92 to 14,068.77, reflecting investor optimism in high-growth sectors. A total of 26 stocks lost relative to 16 gainers.