Banking stocks bearish as investors loss N45billion in 4,174 deals

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Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Monday, Oct. 26, 2015. Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession, Vice President Yemi Osinbajo said. Photographer: George Osodi/Bloomberg via Getty Images

For the second time this week, the Nigerian stock market failed to impress investors after another session of negative close on Tuesday July 14.

Though, the outcome didn’t surprise many market watchers who had earlier this week seen the need to trade cautiously in the absence of any positive catalyst capable of lifting investors’ confidence.

Banking stocks like GTBank Plc, Zenith Bank Plc and Access Bank Plc occupied the topmost position on the losers’ table.

GTBank Plc dipped most on Tuesday after its share price moved from day open high of N22 to N21.3, losing 70kobo or -3.18percent. Zenith Bank Plc also decreased from N16.2 to N15.6, shedding 60kobo or -3.70 percent; while Access Bank Plc dipped from N6.3 to N6.1, losing 20kobo or -3.17percent.

Cumulatively, investors booked about N45billion loss at the close of remote trading session on Tuesday.

This negative trend in the stock market is expected to continue on Wednesday July 15 as factors triggering the bearish sentiment remain.

For instance, the continued spread of the Coronavirus and its negative impact on major global and domestic economic indicators remain a source of worry to investors and businesses.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.34 percent to 24,114.59 points while the value of listed stocks decreased to N12.579trillion as against preceding trading day high of 24,200.60 points and N12.624trillion respectively.

The stock market’s negative return year-to-date (YtD) stood higher at -10.15percent. This month, the market has decreased by -1.48percent.

In 4,174 deals investors exchanged 208,203,183 units valued at N1.058billion. Sterling Bank Plc, UBA Plc, Japaul Oil Plc, FBN Holdings Plc and Zenith Bank Plc were actively traded stocks on the Bourse.

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