The banks stocks continued to fall, and the Nigerian exchange was unable to stop the downward trend. The stock market saw a loss of roughly N707 billion, which moderated the return for the year. Due to the pessimistic sentiment of investors, the exchange lost almost N1.6 trillion in two days.
According to market statistics, losses suffered by FBNH (-9.82%), STANBIC (-10%), ETI (-9.94%), ACCESSCORP (-9.54%), GTCO (-5.56%), FIDELITY (-10%), and MTNN (-4.64%) were the cause of Thursday’s decline. A few banks have little upside potential, according to equity research analysts at Futureview Financial Services little, who earlier in the week recommended selling or, at best, holding most of the tickers.
Key performance metrics fell by 2.03%. Trading statistics revealed that the benchmark NGX All-Share Index continued to drop at the Lagos Stock Exchange. The index dropped by 203 basis points to end the day at 62,748.94 points, closely mirroring its poor performance on Wednesday at 64,046.93 points.
As investor wealth decreased by almost 1.59 trillion in just two days at the close of the trading session, the year-to-date return declined to 22.43%, according to a market report from Atlass Portfolios Limited. According to stockbrokers, market activity has decreased as a result of the Thursday trading pattern seen on the local marketplace. Trading volume and value both decreased by 31.36% and -17.69%, respectively.
In 10,296 trades, about 798.47 million units worth $10,449.33 million were exchanged, according to a report to investors from stock market experts. UBA accounted for 12.41% of the total amount of trades and was the most actively traded stock in terms of volume.
Following the Pan African Lender in the top 5 on the volume table were FBNH (9.11%), TRANSCORP (8.62%), FCMB (8.51%), and GTCO (6.42%). Due to its size advantage, GTCO was the most actively traded company in terms of value, making up 16.95% of all deals on the exchange.
With a price increase of 10 percent, JOHNHOLT led the list of today’s advancers, followed by DANGSUGAR (9.94%), NASCON (+9.91%), SKYAVN (+9.80%), GOLDBREW (+9.73%), and fourteen other stocks.
According to statistics from the local market, 56 stocks declined. With price declines of -10.00% apiece, TRANSCOHOT, FIDELITYBK, SOVRENINS, STANBIC, WEMABANK, and OMATEK were the biggest losers. ETI dropped by 9.94%, UNITYBNK down by 9.94%, STERLINGNG dropped by 9.92%, UACN dropped by 9.91%, and FBNH dropped by 9.82%. The market breadth finished broadly negative, with 19 gainers and 56 losers, as the bears tightened their hold.
Four out of the five major market sectors were down, which contributed to a negative closing sector performance. Following the banking index’s decline of 6.63% was the insurance sector’s decline of 4.13%. The Consumer Goods sector fell by 0.09 points, the Oil & Gas index slowed by 0.74%, and the Industrial index increased by +0.69%.
Overall, the equities market recorded a large daily loss of ₦706.77 billion, representing a drop of -2.03%, to close at ₦34,167.42 trillion from ₦34,874.19 trillion the previous day.
