Wema, Fidelity, Stanbic, others push stock market to new low

Nigeria’s equities market decreased further on Thursday by 2.03 percent or N707 billion as investors continued to take profit on recent gainers, especially banking stocks.

Investors were seen selling stocks like Stanbic IBTC Holdings, Fidelity Bank, and Wema Bank. These stocks led the market’s league of laggards.

Wema Bank dropped the most, from N5 to N4.50, shedding 50kobo or 10 percent. Fidelity Bank also dropped from N7.90 to N7.11, losing 79kobo or 10 percent, while Stanbic IBTC Holdings share price lowered from N68 to N61.20, losing N6.80 or 10 percent.

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The record negative on the Nigerian Bourse lowered the market’s positive return year-to-date (YTD) to 22.43 percent.

At the close of trading on Thursday, the equities market’s All-Share Index (ASI) and its capitalisation decreased from the preceding day’s highs of 64,046.93 points and N34.874trillion respectively to 62,748.94 points and N34.167trillion.

UBA, FBN Holdings, Transcorp, FCMB Group and GTCO were actively traded stocks as investors in 10,296 deals exchanged 798,467,481 shares valued at N10.449 billion.