The banking index closed the week on a negative note to emerge as the worst-performing sectorial index with a loss of 14.32%.
On a general note, the NGX All-Share Index and Market Capitalization depreciated by 0.75% to close the week at 62,569.73 and N34.070 trillion respectively.
Similarly, all other indices finished lower except NGX Oil and Gas, NGX Lotus ll, and NGX Industrial Goods Indices which appreciated by 1.43%, 0.72%, and 9.01% respectively while the NGX ASeM and NGX Sovereign Bond Indices closed flat
In terms of market value, the market recorded a gain of N257 billion in market capitalisation during the week, as investors increased their sale pressure, especially on blue-chip stocks, to make profits.
The banking index performance: According to data from the Nigerian Exchange Limited, the banking index dropped by 14.32% or 101.48 basis points to close the week at 607.29 index points, as against the opening index of 708.77 index points at the beginning of the week.
The banking sector recorded a positive year-to-date performance of 45.46% according to data obtained from the NGX.
The NGX Banking Index had increased to 721 index points as of Monday 10th July 2023, as against what it closed on Dec 30, 2022, which was 417.5 index points.
What a market analyst said: The Managing Director, of Arthur Steven Asset Management Limited, Mr. Olatunde Amolegbe, reacting to the development in a chat with Nairametrics attributed the development to profit-taking after a relatively long bullish trend.
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A total turnover of 5.246 billion shares worth N63.417 billion in 57,234 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 9.831 billion shares valued at N145.408 billion that exchanged hands last week in 54,478 deals.
The Financial Services Industry (measured by volume) led the activity chart with 3.494 billion shares valued at N38.032 billion traded in 28,633 deals; thus contributing 66.60% and 59.97% to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 451.410 million shares worth N2.186 billion in 3,147 deals.
The third place was the ICT Industry, with a turnover of 332.705 million shares worth N5.638 billion in 4,207 deals.
Trading in the top three equities namely United Bank for Africa, Transnational Corporation Plc, and FBN Holding Plc (measured by volume) accounted for 1.222 billion shares worth N15.523 billion in 8,260 deals, contributing 23.28% and 24.48% to the total equity turnover volume and value respectively.
