NSE: Sell pressure in bank stocks steers market to N91.106bn loss | Ripples Nigeria
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NSE: Sell pressure in bank stocks steers market to N91.106bn loss



Profit-taking in bank stocks on the Nigerian Stock Exchange (NSE) Thursday cost investors N91.06 billion, partly reversing the gain reported at the session before, with Stanbic, GTB and Zenith accounting for much of the loss alongside Presco and Dangote Sugar.

The Banking Index fared worst of the five sectorial indices, declining by 2.66% to 418.39 basis points.

A negative market breadth was recorded with 28 losers emerging against 19 gainers. The All Share Index slid by 0.50% to 34,643.65 basis points while market capitalisation climbed to N18.102 trillion.

Year to date, the index is up by 29.06%.


BOC Gases led the gainers’ chart today, appreciating by 9.90% to close at N6.70. Eterna went up by 9.89% to N4.78. Red Star Express rose to N3.59, notching up 9.79% in the process. May and Baker added 9.75% to end today’s trade at N3.49. Cornerstone completed the top 5, climbing by 9.43% to N0.58.


Presco was the worst performing stock today, declining by 9.97% to close at N71.80. FCMB shed 9.85% to close at N3.02. Linkage Assurance fell to N0.50, losing 9.09%. Fidelity Bank slumped to N2.65, recording 7.02% depreciation. Custodian closed at N0.42, going down by 6.67%.

READ ALSO: NSE: Market rallies on interest in heavyweight industrial & consumer goods stocks


364.920 million shares estimated at N3.502 billion were traded today in 6,340 deals.

Transcorp was the most active today with 50.735 million units of its stocks worth N53.920 million traded in 245 deals. 38.552 million units of FBN Holdings shares priced at N292.390 million exchanged hands in 386 transactions. Access Bank had 25.895 million shares valued at N227.162 million traded in 310 deals. UBA traded 24.781 million shares estimated at N214.220 million in 295 transactions. Fidelity traded 24.359 million shares valued at N67.037 million in 245 deals.

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