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Nigeria’s equities slide for 4th consecutive day as banking stocks drag index down by 0.27%

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By Samuel Bankole

Nigeria’s equities market sustained its downward trend for the fourth consecutive day, driven by significant selloffs in tier 1 banking stocks.

Zenith Bank, Guaranty Trust Bank Holding Company (GTCO), and Access Corporation shares led the decline, weighing down the main market index.

Zenith Bank registered a decline of 1.13 percent, GTCO fell by 0.27 percent, and Access Corporation dropped by 0.89 percent as the closing bell rang on Thursday’s trading session.

Despite gains of 3.61 percent in First Bank Holding Company (FBNH), a rise of 4.41 percent in Dangote Sugar shares, and a 2.74 percent increase in Fidelity Bank stocks, the losses from the heavyweight banking stocks remained the dominant factor.

As a result, the All Share Index (ASI) closed the day at 64,448.96 points, down from the previous day’s 64,625.28 points, while the year-to-date (YTD) return edged lower to 25.75 percent.

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Market capitalization experienced a decline of N96.50 billion, closing at N35.27 trillion by the end of the trading session compared with N35.370 trillion the previous day.

A closer look at today’s market activities revealed a decrease in trade turnover compared to the previous session, with the value of transactions down by 49.82 percent. Traders exchanged a total of 320.35 million shares valued at N3.73 billion across 5,176 deals.

Fidelity Bank shares led the volume and value charts with a gain of 2.74 percent and a trading volume of 80.05 million units worth N595.54 million.

Market breadth, indicating the balance between advancing and declining stocks, closed positively with a ratio of 1.25-to-1, demonstrating that advancing issues outnumbered declining ones.

Notably, CUTIX (+8.00 percent) led fourteen other stocks on the leader’s table, while NASCON (-5.15 percent) topped the laggard’s list among eleven other declining stocks.

The continued downward trajectory in the equities market has drawn attention to the ongoing challenges facing banking stocks, highlighting the need for market participants to carefully navigate prevailing market conditions.

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

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