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Market declines further as investors sell banking stocks

Nigeria banking stocks were mostly offered for sale in ongoing remote trading, causing a record 0.14percent decline in the Nigeria Stock Exchange (NSE) All-Share Index (ASI) on Tuesday, March 31. 
Having declined in the first two sessions of this week, market watchers expect a mixed trading session in Wednesday, with a continued sell-off in some counters and bargain hunting in others.
Top on the list of stocks offered include Zenith Bank, GTBank, and Access Bank. NSE banking index dipped most by -1.12percent while NSE insurance index advanced most by +1.63percent. 
Stock dealers in 3,448 deals exchanged 422,004,923 units valued at N1.72billion. Sterling Bank, Zenith Bank, GTBank, UBA and FCMB were actively traded stocks. 
At the close of trading session on Tuesday, March, the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased from day open high of 21,330.79 points to 21,300.47 points while the value of listed stocks decreased from N11.116trillion to N11.100trillion, losing N16trillion. 
The stock market’s year-to-date (ytd) negative return increased to -20.65percent.   Zenith led the losers league after its share price moved from N11.95 to N11.7, losing 25kobo or 2.09percent. It was followed by UACN which dipped from N7.4 to N7.2, after losing 20kobo or 2.70percent.
GTBank share price dropped from N17.9 to N17.7, down by 20kobo or 1.12percent. Access Bank stock reaches a new low of N5.95 from  N6.05, after losing 10kobo or 1.65percent.
Amid the negatives, investors raised bets in stocks like Unilever and Flourmills. Unilever share price increased from N10.5 to N11, adding 50kobo or 4.76percent while that of Flourmills rose from N20.8 to N21.25, up by 0.45kobo or 2.16percent.

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