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Nigerian stocks suffer setback as banking giants falter

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By Samuel Bankole

Nigerian equities took a tumble on Wednesday, with the All-Share Index (ASI) closing 0.16% lower at 98,128.00 points.

Selling pressure dominated the session, particularly in heavyweight banking stocks.

GTCO (-3.55%), Zenith Bank (-4.62%), and FBNH (-0.44%) led the decline, dragging the market into negative territory.

As a result, the year-to-date (YTD) return dipped slightly to 31.23%, while market capitalization shrank by N89.00 billion to close at N55.51 trillion.

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Despite the bearish sentiment, trading activity picked up compared to the previous session. The value of transactions increased by 5.56%, with a total of 271.71 million shares valued at N5.43 billion changing hands across 7,383 deals.

Access Corporation (+0.29%) was the volume leader, trading 35.58 million units. GTCO (-3.55%) remained at the top of the value chart, generating N1.35 billion in deals.

Market breadth remained negative, with a 0.71-to-1 ratio indicating more declining stocks than advancing ones. MULTIVERSE (-9.82%) led the losers, while TANTALIZER (+8.00%) paced the gainers.

The reasons behind the decline in banking stocks remain unclear, but profit-taking after recent gains and investor caution could be contributing factors.

The overall market displayed a cautious approach, with some pockets of activity amidst a prevailing sense of wait-and-see.

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

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