Banking stocks losses dip market further by 0.3 per cent

Negative sentiments persist as the All Share Index (ASI) of the Nigerian Stock Exchange (NSE) further dips by 0.28 per cent at the close of trading activity at the local bourse on Wednesday.

The bears continued to dominate at the Exchange as selloffs in major Banking stocks persisted. Market capitalisation depreciated to N13.36 trillion after losing N36.78 billion. Thus the Month-to-Date gain moderated to 0.4 per cent while Year-to-Date loss increased to -5.3 per cent.

Specifically, Zenith Bank Plc and Access Bank Plc shares shed three per cent each just as the share value of United Bank for Africa Plc depreciated 3.2 per cent.

Overall performance review for the day indicated that the Exchange had seven gainers as against 23 losers on Wednesday.

Similarly, performance across sub-sector gauges tracked closed in red aside for the NSE Industrial index which rose by 0.05 per cent. The NSE Banking led the laggards by 1.54 per cent, followed by the NSE Insurance, NSE Consumer Goods and NSE Industrial indices by 0.39 per cent, 0.19 per cent and 0.11 per cent respectively.

The total volume traded increased by 7.0 per cent to 269.63 million units, valued at N2.87 billion and exchanged in 4,155 deals, with Zenith Bank recording the most traded stock by volume at 35.84 million units while Guaranty Trust Bank was the most traded stock by value at N605.14 million.


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