The Nigerian Stock Exchange Banking Index at the close of trading activities in the first week of March, declined by 1.94% to close at 375.35 index points.
This is according to data from the Nigerian Stock Exchange, seen by Nairametrics.
The slump was due to the underperformance of most banking stocks during the week, notably, Sterling and Wema Bank which recorded the worst decline of 14.04% and 12.70% respectively, for the period under review.
This loss placed the aforementioned banks in the top 10 decliners for the week. It is also pertinent to note that only Unity Bank (among the listed banking stocks) emerged in NSE top 10 gainers for the week, with a share price appreciation of 8.96%.
Nairametrics had earlier reported that investors in the elite banks in Nigeria (FUGAZ) lost a total of N34.68 billion in a single trading session on Thursday, 4th of March 2021, due to downward pressure on their respective share prices caused by sell-offs.
On the other hand, the Financial Services Industry led the activity chart by volume with 1.63 billion shares valued at N10.73 billion traded in 13,269 deals; thus contributing 78.06% and 36.06% to the total equity turnover volume and value respectively.
What you should know:
- The NSE Banking Index had earlier appreciated by 0.69% to close at 382.76 index points, last week.
- On a general note, the NSE All-Share Index and Market Capitalization depreciated by 1.18% to close the week at 39,331.61 and N20.578 trillion respectively.
- Trading in the top three equities namely Wema Bank Plc, Axamansard Insurance Plc, and Zenith Bank Plc (measured by volume) accounted for 903.561 million shares worth N5.564 billion in 4,017 deals.
- A total turnover of 2.092 billion shares worth N29.744 billion in 24,238 deals were traded this week by investors on the floor of the Exchange.