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BANKING STOCKS
The first week of June concluded with a broadly bearish sentiment on the Nigerian Exchange (NGX), as the overall market witnessed declines.
Banking stocks dragged the NGX to a second consecutive day of losses on May 23, as they cumulatively lost N108.54 billion of their market value.
Nigerian banking stocks have experienced a dismal second quarter thus far. This downtrend follows the Central Bank's announcement on banking recapitalization, which has set expectations for further declines in share prices.
Since the start of April 2024, the NGX has been a bearish run, with the All-Share Index declining by 6.16%, and the market capitalization declining by N3.63 trillion within the same period.
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.
Professor Uche Uwaleke has urged the Nigerian Exchange Limited (NGX) to designate banking stocks as Systemically Important Stocks (SIS).
We asked our analysts what to invest in this stock market if they have N1 million
Nigerian stock market started the week on a sad route as the All Share Index shed 0.39% to close at 23,950.83 index point.
The Nigerian bourse closed the day’s trading in the positive, as the All-Share Index / Market Capitalization rose by +0.57%