LAGOS, Nigeria (VOICE OF NAIJA)-Losses in tier-one banking stocks on Friday caused a significant downturn in market indices, resulting in investor losing a total of N56 billion.
Specifically, sell-offs in the stocks of Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Fidelity Bank, Wema Bank, Nestle, and African Prudential, among others were key contributors to the market’s decline.
The market capitalisation, which started at N56.479 trillion, saw a reduction of N56 billion, or 0.10 per cent, closing at N56.423 trillion.
This drop was mirrored by the All-Share Index, which decreased by 0.10 per cent or 100 points, settling at 99,743.05, down from 99,842.94 in the previous session.
Market breadth also closed negative, with 26 laggards compared to 23 gainers on the exchange floor.
On the gainers’ log, International Breweries led with a 10 per cent increase, closing at N4.40, thomas Wyatt followed with a 9.95 per cent rise to N2.10, and Chams gained 9.86 per cent to reach N2.34 per share.
Champion advanced by 9.83 per cent to N3.91, while John Holt rose by 9.66 per cent to close at N2.61 per share.
Conversely, Multiverse topped the losers’ log with a 9.68 per cent decline, closing at N11.20. RT Briscoe followed, dropping 7.46 per cent to 62k per share.
READ ALSO: Stock Market Investors Lose N44 Billion As NGX All-Share Index Decreases By 0.08%
Sunu Assurances fell 6.25 per cent to N1.20, NEM Insurance decreased by 5.95 per cent to N7.90, and Fidelity Bank slipped 4.81 per cent to N9.90 per share.
Meanwhile, market activity analysis revealed a significant decrease in trade turnover compared to the previous session, with transaction values dropping by 55.20 per cent.
Investors traded 617.22 million shares worth N11.35 billion in 9,273 deals, down from 1.3 billion shares valued at N25.33 billion in 8,364 deals on Thursday.
FBN Holdings dominated the activity log in both volume and value, trading 207.91 million shares worth N4.57 billion GTCO followed with 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.