Banking Index Slides as Tier-1 Banks Selloffs Persist
The banking index slipped as sell pressures on tier -1 banks persisted, supported by latest profit taking activity in Wema Bank shares. Trading data from the Nigerian Exchange highlighted banking selloffs as drivers of negative performance posted on Tuesday, in additional to sell pressures on lightweight insurance companies.
GTCO dominated market activity, leading the volumes and value chart with 32.61 million units worth N3.0 billion trading on the board today. Reflecting the broad-based weakness in investor sentiments, market breadth printed at 0.23x as the day’s session produced more losers (48) than gainers (11).
Wema Bank lost 10% of its market value, and investors’ exits were noted in First Holdco, GTCO, UBA and Access Holdings. Zenith Bank was the lone gainers, reversing the downtrend pattern seen in the recent past weeks.
Banking index fell by 82 basis points on Tuesday as the market anticipated big banks earnings release to trigger fresh re-rating in the local bourse.
First Holdco share price fell to N32.1 to mild selloffs. The banking group lost 0.62% of its market value to close at N1.344 trillion on Tuesday.
UBA also shed more weight, losing 1.16% of its market value to close at N1.916 trillion. GTCO maintains downward trend embarked on in the absence of its earnings release with 0.5% decline in market value to N3.332 trillion, according to data obtained from the local bourse.
Access Holdings fell to N1.378 trillion, and ranked as the worst performer among the tier-1 names in terms of earnings, stock market returns.
Other top losers from other sectoral indexes include AIICO (-10.00%), CONHALL (-10.00%), WEMABANK (-10.00%) and PRESTIGE (-10.00%) led the laggards. #Banking Index Slides as Tier-1 Banks Selloffs Persist#
Tinubu’s Economic Strategy Pays Off as Nigeria Hits Revenue Target