adminOn Friday, significant sell-offs in top-tier banking stocks led to a decline in market indices, resulting in an investor loss of N56 billion.
Key banking stocks including Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Fidelity Bank, and Wema Bank, along with declines in equities such as Nestle and African Prudential, contributed to the market’s downturn.
The market capitalization, which started the day at N56.479 trillion, fell by N56 billion or 0.10 percent, closing at N56.423 trillion. Similarly, the All-Share Index dropped by 100 points or 0.10 percent, ending at 99,743.05 from the previous session’s 99,842.94.
The market breadth ended negative with 26 decliners versus 23 gainers on the Exchange floor.
Among the gainers, International Breweries led with a 10 percent rise to N4.40. Thomas Wyatt followed with a 9.95 percent increase to N2.10, Chams gained 9.86 percent to N2.34 per share. Champion rose by 9.83 percent to N3.91, and John Holt advanced by 9.66 percent to N2.61 per share.
Conversely, Multiverse topped the losers’ chart with a 9.68 percent drop to N11.20. RT Briscoe fell by 7.46 percent to 62k per share. Sunu Assurances decreased by 6.25 percent to N1.20, NEM Insurance declined by 5.95 percent to N7.90, and Fidelity Bank slid 4.81 percent to N9.90 per share.
Trading activity analysis indicated a decrease in trade turnover compared to the previous session, with transaction value down by 55.20 percent. Investors traded 617.22 million shares worth N11.35 billion in 9,273 deals, a drop from the 1.3 million shares valued at N25.33 billion in 8,364 deals on Thursday.
FBN Holdings led in both volume and value, trading 207.91 million shares worth N4.57 billion. GTCO followed with 58.55 million shares valued at N2.6 billion. Veritas Kapital traded 57.59 million shares worth N55.20 million, AIICO Insurance moved 46.83 million shares valued at N45.17 million, and Fidelity Bank transacted 38.44 million shares worth N392.17 million.
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