Equities investors lose N719bn as banking stocks decline.
The market’s All-Share Index declined by 1,107.28 basis points, representing a 0.44 per cent drop, to close at 252,882.78 points.
Consequently, market […] Equities investors on the Nigerian Exchange Limited (NGX) lost N718.95bn on Wednesday as renewed sell-offs in banking stocks, including FirstHoldco, Guaranty Trust Holding Company (GTCO), Zenith Bank and FCMB, dragged the market lower.
Consequently, market capitalisation fell to N164.19tn from its previous level.
The bearish performance was driven largely by profit-taking in medium- and large-cap stocks that had recorded recent gains, with the banking sector accounting for the biggest decline. According to market data, FirstHoldco led the losers’ chart, shedding 10 per cent, followed by TrippleG, which fell 5.51 per cent. E-Tranzact, Royal Exchange and FTG Insurance each declined by 4.76 per cent, while Livestock Feeds lost 4.63 per cent. Market activity also weakened significantly, with total trading volume and value declining by 92.28 per cent and 93.68 per cent, respectively.
MSEApp News is publishing an original rewrite of this tip for readers, based on reporting associated with Daily Trust.