Banking sector leads stock market sell-off   


April 8 (Lagos) - The Nigerian equity market begin the trading week on a negative note closing in the red, as the NSE ASI suffered a loss of 1.53% to close at 29,162.24 and NGN 10,953.56 billion respectively. 


Market breadth was at 0.43x as losers exceeded gainers 13-30. NSE YTD performance closed at 6.14%. On a sectoral front the key indices we watch suffered losses as the Consumer Goods, Industrial and Banking sector suffered losses of 0.35%, 0.88% and 2.51% respectively while the Oil and Gas sector gained a modest 0.08%.


The significant loss in the Banking sector index was due to the drop in the price of bellwether stocks -GTB and UBA shed 82.01 and 19.06 index points respectively on Monday. Total volume traded rose by 13.63% while total value traded rose by 50.56% as 455.88 million units of shares worth N5.3 billion were traded.


It is not looking good for banking stocks as the bell-weather stock GUARANTY declined today on high volumes. The stock is now below its 30, 90 and 200 day moving averages. That usually means the stock is now in a bearish trend. Second largest bank ZENITHBANK also declined on high volume. 


In fact GUARANTY & ZENITHBANK were the most active stocks today as seen on the trending bar on easykobo. 
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