Business News

Banking stocks drag NGX to second consecutive week of losses 

The NGX continued its bearish trajectory for the second consecutive week as the market recorded a 1.09% decline during the week ending April 12, 2024, to close at 102,314.56 points from the previous week’s 103,437.67 points.  

Equities also lost N613 billion, as the NGX closed the week with a market cap of N57.865 trillion, representing a 1.08% decline from N58.498 trillion at the start of the week. The market, which was closed for three days during the week, was mostly affected by the continued bearish performance of banking stocks.  

Among the top weekly losers, Access Holdings lost 14.60%, GTCO had a 13.75% loss, while FBN Holdings shelved 11.15%.  

The best performing stock during the week was Morison Industries which recorded a 20.75% gain. Oando Plc registered a gain of 10.57%, while Transnational Corporation Plc saw an increase of 10.33%. Deap Capital recorded a gain of 9.68%, followed by Omatek Ventures with an 8.97% increase, rounding out the top five gainers in the market during the week.  

Access Holdings lost 14.60% during the week, with its market cap declining by N117.3 billion during the week. United Capital lost 13.92%, GTCO Holdings shelved 13.75%, Flour Mills of Nigeria lost 13.55%, and Sunu Assurances returned 13.24% loss to complete the top five losers in the market.  

During the week ended April 12, 2024, there was an overall bearish sentiment for Stocks Worth Over N1 trillion (SWOOT). As the twelve stocks cumulatively recorded a N394.78 billion decline in their market caps, representing a 0.81% decline.  

Zenith Bank, FBN Holdings, and GTCO Holdings recorded price declines. However, other members of the SWOOT category – AIRTELAFRI, MTNN, BUAFOODS, BUACEMENT, DANGCEM, SEPLAT, Transcorp Hotel, Transcorp Power, and Geregu Power – recorded no price changes during the week.  

There was a general bearish sentiment as FBN Holdings, UBA, GTCO, Access, and Zenith Bank (FUGAZ) posted 11.15%, 0.75%, 13.75%, 14.60%, and 5.88% price declines respectively during the week.