NSE Demutualization

GTB Others Crash NSE Banking Index By 3.12%

Zenith Bank, GTB, Access Bank Others Crash NSE Banking Index By 3.12%

The banking Index fell 3.12 percent Wednesday, ranking the biggest losing sector on the Nigerian Stock Exchange (NSE).

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The index which measures performance of the banking sector closed at 339.43 index point down from 350.36 index point of the previous day.

All of Guaranty Trust Bank (GTB), Zenith Bank, Access Bank, Fidelity Bank and Sterling Bank Plc.contributed to the poor performance of the banking index

A cursory look into the trading activities of these banks on Wednesday reveals that Sterling Bank Plc was the biggest decliner in terms of percentage, when the lender dropped 9.47 percent in the value of its share price. The share value declined from N1. 69 Kobo per share to close a N1. 53 Kobo per share.

Zenith Bank Plc followed in second place losing 4.11 percent, as its share price fell to N21 per share from N21.90 Kobo per share it posted the previous trading session.

Fidelity Bank Plc was also in the negative territory on the Bourse, dropping 3.47 percent, from N2.59  Kobo per share to N2.50 Kobo per share.

Guaranty Trust Bank was also among the losers on the NSE, as its share price shed 3.28 percent to stand at N28 per share down from N28. 95 Kobo per share, while

Access Bank Plc completed the top five losers, to dip by 2.47 percent. The value of its share stands at N7. 9 Kobo per share from N8. 10 Kobo per share.

Overall, the Nigerian Stock Exchange recorded a marginal growth on Wednesday as the All-Share Index and Market Capitalization rose by 0.02 percent.

The ASI appreciated by 7.42 index point to close at 38,774.03 basis point up from 38,766. 61 basis point, while the market capitalisation jumped by N3.878 billion to close at N20.286 trillion up from the N20.282  trillion it commenced trading with on Wednesday.

A total turnover of 356.461 million shares valued at N4.193 billion in 6,130 deals exchanged hands, while the market breadth was positive, with 27 advanced stocks and 12 laggards.

On the market activity chart, Zenith Bank returned as both the most active and valuable equity on the exchange, trading at 55.030 million worth of shares valued at N1.156 billion.


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