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NGX sheds N56bn as investors sell off banking stocks

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Losses in Teir-one banking stocks on Friday pushed the market indices into negative territory, making investors lose N56 billion.

Specifically, sell-offs in the stocks of Guaranty Trust Holding Company , Zenith Bank, FBN Holdings, Fidelity Bank, and Wema Bank, as well as Nestle and African Prudential, among other declined equities, brought the market performance down.

Consequently, the All-Share Index lost 0.10 per cent or 100 points, to settle at 99,743.05, compared to 99,842.94 recorded in the previous session.On the gainers’ log, International Breweries led by 10 per cent to close at N4.40, Thomas Wyatt followed by 9.95 per cent to close at N2.10, and Chams gained 9.86 per cent to close at N2.34 per share.

Conversely, Multiverse led the losers’ log by 9.68 per cent to close at N11.20, while RT Briscoe trailed by 7.46 per cent to close at 62k per share. Meanwhile, analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 55.20 per cent.

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