Zenith Bank loses N95.76 billion to lead weekly losers on NGX

Zenith Bank’s share price recorded a loss of 12.20% at the end of the week’s trading session as the domestic bourse remained under sell pressure.

Zenith Bank closed trading at N689.153 billion in market capitalisation on the Nigerian Exchange (NGX) as against N784.912 billion recorded the previous week.
The NGX All-Share Index and Market Capitalization depreciated by 1.08% to close the week at 51,355.74 and N27.963 trillion respectively.
Investors of Zenith Bank Plc recorded a loss of about N95.76 billion at the end of the Week’s trading session as the domestic bourse remained under sell pressure.

The Nigerian equities had continued their losing streak as the NGX All-Share Index and Market Capitalization depreciated by 1.08% to close the week at 51,355.74 and N27.963 trillion respectively.

More on the losses
Checks by Nairametrics showed that the bank ’stock dropped by 12.20% to close at N21.95 per share from N25.00 which was the opening figure at the beginning of the week.

Further checks revealed that the Zenith Bank closed the trading at N689.153 billion in market capitalisation on the Nigerian Exchange (NGX) as against N784.912 billion recorded the previous week, hence has earned a loss of N95.76 billion or 12.20%.

Low market sentiment
The decline in share prices can be attributed to investors’ low sentiment informed by the outcome of the 2023 general elections which is being contested in the court law.

What you should know
The NGX All-Share Index and Market Capitalization depreciated by 1.08% to close the week at 51,355.74 and N27.963 trillion respectively.

Similarly, all other indices finished lower except for NGX Main Board, NGX Pension, NGX Insurance, and NGX AFR Div. Yield, NGX MERI Growth and NGX Consumer Goods appreciated by 0.73%, 1.44%, 1.41%, 0.80%, 4.37% and 0.17% respectively while the NGX ASeM, NGX Growth and NGX Sovereign Bond indices closed flat.

A total turnover of 3.920 billion shares worth N15.620 billion in 16,856 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.824 billion shares valued at N10.964 billion that exchanged hands last week in 15,686 deals.

The Conglomerates Industry (measured by volume) led the activity chart with 3.050 billion shares valued at N5.964 billion traded in 1,379 deals; thus contributing 77.81% and 38.18% to the total equity turnover volume and value respectively.

The Financial Services Industry followed with 707.962 million shares worth N6.175 billion in 8,430 deals. The third place was the Consumer Goods Industry, with a turnover of 43.155 million shares worth N1.026 billion in 2,223 deals.

Trading in the top three equities namely Transnational Corporation Plc, Access Holdings Plc and Fidelity Bank Plc (measured by volume) accounted for 3.302 billion shares worth N7.999 billion in 2,375 deals, contributing 84.23% and 51.21% to the total equity turnover volume and value respectively.