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HomeBusinessLosses in top banking stocks drive Nigeria's benchmark index down by 0.35%

Losses in top banking stocks drive Nigeria’s benchmark index down by 0.35%

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By Samuel Bankole

Nigeria’s equities market experienced a downturn, with the benchmark index slipping by 0.35% to close at 99,311.54 points, triggered by losses in top banking stocks.

Despite gains in UBA (+0.66%), TRANSCORP (+3.47%), and Fidelity Bank (+7.78%), notable declines in blue-chip stocks like Zenith Bank (-5.01%), GTCO (-2.59%), and FBNH (-9.88%) dragged the market into the red zone.

Consequently, the year-to-date (YTD) return decreased to 32.82%, and market capitalization dropped by N199.80 billion to close at N56.17 trillion.

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Market analysis for the day indicated an increase in trade turnover compared to the previous session, with the value of transactions rising by 47.95%.

A total of 574.43 million shares valued at N7.84 billion were traded in 7,324 deals.
TRANSCORP (+3.47%) led both the volume and value charts with 125.70 million units traded, amounting to N1.89 billion.

However, market breadth ended negative at a 0.70-to-1 ratio, with declining issues outnumbering advancing ones. HONYFLOUR (-9.89%) topped the list of laggards, alongside twenty-two others, while SUNUASSUR (+10.00%) led fifteen other stocks on the leaders’ log.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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