Nigerian Exchange loses N108.7bn as banking stocks decline

The Nigerian Exchange (NGX) experienced a decline in market capitalization on Friday, losing approximately N108.70 billion, or 0.07%, to close at N160.73 trillion. The benchmark All-Share Index (ASI) fell by 167.40 points, or 0.07%, to end the session at 247,539.73 points.

The downturn was driven largely by sell-offs in major tier-1 banking stocks, including Guaranty Trust Holding Company (GTCO), United Bank for Africa (UBA), Zenith Bank, and Stanbic IBTC Holdings. Investors engaged in profit-taking activities across various blue-chip and mid-cap stocks.

Trading volume for the day was approximately 257.67 million shares, representing a 10.12% decrease compared to previous activity. While the market breadth showed some positive movement with 26 gainers, the overall weekly performance for the NGX-ASI was negative, declining by 0.33%.