Its bleeding red at the Nigerian Stock Exchange as the banking sector continue to suffer massive losses in market value even though, their results are not yet out. What you are seeing is product of the most draconian banking regulatory regime ever as investors flee to safer havens. It’s just as if then we are in a mini banking crisis whereas the sell-offs is more of sentiments than fundamentals at least presently. The banking industry has now lost 9% this week, 11% month to date and 17.7% YTD.
FBNH is now at its one year low as it closed the week at 5% to N13.11, GT Bank also lost 5% to N24.73 and Zenith Bank 2.6% to N20.10.
NB: This post was modified from its original version to reflect the stocks final closing price for the day