Equity market drops by N56bn as investors sell off banking stocks

Losses in Tier-one banking stocks on Friday, June 21, 2024, pushed the stock market indices into negative terrain, making investors lose N56 billion.

Sell-offs in the stocks of Guaranty Trust Holding Company (GTCO), Zenith Bank, First Bank, Fidelity Bank, Wema Bank, Nestle and African Prudential, among other declined equities, brought the market performance down.

The market capitalisation which opened at N56.479 trillion, lost N56 billion or 0.10 per cent to close at N56.423 trillion.

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.

Market breadth also closed negative with 26 laggards and 23 leaders on the floor of the Exchange.

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.

Investors lose N49bn at stock market

Champion also rose by 9.83 per cent to close at N3.91, while John Holt advanced by 9.66 per cent to close at N2.61 per share.

Conversely, Multiverse led the losers’ log by 9.68 per cent to close at N11.20, RT Briscoe trailed by 7.46 per cent to close at 62k per share.

Sunu Assurances shed 6.25 per cent to close at N1.20, NEM Insurance declined by 5.95 per cent to close at N7.90, and Fidelity Bank dropped 4.81 per cent to close at N9.90 per share.

Meanwhile, analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 55.20 per cent.

Investors traded 617.22 million shares valued at N11.35 billion in 9,273 deals, as against 1.3 million shares valued at N25.33 billion in 8,364 deals that exchanged hands on Thursday.

FBN Holdings led the activity log in volume and value with 207.91 million shares worth N4.57 billion, GTCO followed by 58.55 million shares valued at N2.6 billion.

Veritas Kapital sold 57.59 million shares worth N55.20 million, AIICO Insurance traded 46.83 million shares valued at N45.17 million, and Fidelity Bank transacted 38.44 million shares worth N392.17 million.

The Star