Home / Business / BANK STOCKS SEE BIGGEST FALL IN 20 MONTHS

BANK STOCKS SEE BIGGEST FALL IN 20 MONTHS

The Nigerian banking stocks slumped the most since June 2016 a day after the re-election of President Muhammadu Buhari, as some investors showed disappointment at the defeat of his market-friendly opponent.

An index of Nigeria’s 10 largest banking stocks dropped by 4.6 per cent at the end of trading on the floor of the Nigerian Stock Exchange, while the country’s benchmark stocks index retreated for the third day.

First City Monument Bank Plc was the sector’s major loser, down by 9.78 per cent. Diamond Bank Plc saw it share price drop by 7.76 per cent, Unity Bank Plc’s share price declined by seven per cent, while Guaranty Trust Bank Plc’s share price dropped by 6.85 per cent.

ALSO READ:  ADEYEYE DENIES RESIGNATION RUMOUR

Fidelity Bank Plc, Wema Bank Plc, Access Bank Plc, United Bank for Africa Plc, Stanbic IBTC Holdings Plc, Zenith Bank Plc, FBN Holdings Plc, Ecobank Transnational Incorporated and NPF Microfinance Bank Plc recorded share price declines of 6.38 per cent, 5.13 per cent, five per cent, 4.49 per cent, 4.23 per cent, 4.02 per cent, 1.92 per cent, 1.41 per cent and 1.23 per cent.

An analyst at Exotix Capital, Olabisi Ayodeji, said in an interview with Bloomberg, “We are seeing investors react negatively in the short term to the election results. Buhari easily won a second term as president of Africa’s biggest oil producer with promises to revive an anemic economy and tackle security threats, including a devastating insurgency by Islamic State.

Check Also

imo house of assembly 1

Assembly members give Speaker to resign within 24 hours.

Imo house of assembly In its proposal to completely take over the leadership of Imo …

President Muhammadu Buhari 1

Governor’s battle for local govt funds with FG.

President Muhammadu Buhari States Governors are pleading with President Muhammadu Buhari to pull the brakes …

Amajugs Badgogging

FIFA U20 WC: Flying Eagles, Go For Glory In Poland –Pinnick

Amaju with flying Eagles The President of the Nigeria Football Federation, Amaju Pinnick, has charged …

WhatsApp Contact us