Banking stocks drag Nigerian equities down by 0.03%

Following sell-offs in the banking stocks, the Nigeria stock market All-Share Index moderated by 0.03 per cent to settle at 39,305.48 points, while the market capitalisation also declined at N6.82bn.

The year-to-date loss of the ASI rose to -2.39 per cent despite the market recording 23 gainers to 16 losers at the close of trading session.

At the close of the day’s trading, the banking index was the only loser as its index fell by 0.60 per cent occasioned by sell-offs in Tier-1 banking stocks.

Share prices of Guaranty Trust Bank, United Bank for Africa, Access Bank, Zenith Bank and FBN Holdings declined by 0.48 per cent, 1.33 per cent, 1.32 per cent, 0.45 per cent and 0.67 per cent respectively.

The other sub-sector gauges tracked closed in the green zone. The insurance, consumer goods, oil and gas and industrial indices increased by 0.96 per cent, 0.03 per cent, 0.19 per cent and 0.01 per cent respectively.

Trading activity was weak as total deals and volume of stocks traded declined. The total volume of stocks dropped by 23.31 per cent to 153.51 million units, valued at N1.29bn in 2,198 deals.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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