Decline in banking stocks forces Nigeria’s market to shed N76bn
The Nigerian Exchange Limited (NGX), is now on its fourth day losing streak as it lost approximately N76 billion capitalisation on Friday attributed to losses seen majorly from the banking sectors as stocks like Zenith Bank, UBA, GTCO recorded losses on Friday.
The All-Share Index lost 0.27 per cent from 52,122 basis points to close at 51,979.92 basis points. In the same vein the market capitalisation also lost 0.27 per cent to close at N28.03 trillion year-to- date, the Nigerian Exchange Limited is still one of the top performing market in the world as it has gained 21.69 per cent so far.
The market breadth close negative as International breweries led 9 gainers while 18 losers were topped by Maybaker at the end of trading session on Friday. On a sectoral level 3 of the 5 major indices of the Nigerian Exchange closed negative.
NGX Banking, Industrial oil and gas indices lost 2.74 per cent, 0.54 per cent and 0.12 per cent. The NGX consumer goods and Insurance Index closed positively by 0.22 per cent and 1.31 per cent respectively, majorly attributable to gains seen in the stocks like International breweries, Linkage Assurance and Nem Insurance.
On Friday the last trading day, International breweries emerged as the highest gainer with 9.09 per cent to close at N0.58 per share, followed by Linkage Assurance which appreciated by 7.41 per cent to close trade at N0.58 per share, while Nem insurance rose by 7.26 per cent increase to close trade at N3.40 per share.
Redstarex was recorded as the last fourth gainer wenfy up by 5.69 per cent to close trade at N2.60 per share and Cutix appreciated by 4.85 per share to close trade at N2.38 per share.
On the other hand, Maybaker topped the decliners on Friday with 10 per cent to close trade at N3.60 per share, followed by Rt.briscoe which recorded as the second best loser dipped by 9.09 per cent to close at N0.40 per share, while Wapco lost 7.31 per cent to close at N24.10 per share.
FTNcocoa depreciated by 6.25 per cent to close trade at N0.30 per share and Ecobank Transnational Incorporated declined by 5.60 per cent to close at N10 per share.
