The most valuable financial institutions in Nigeria, Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Holdings and United Bank for Africa (UBA) lost a combined N28.35 billion after trading hours on Thursday.
Analysis of their bourse performance by Prime Business Africa showed Access Bank reported the lowest loss, while Zenith Bank, which is the most valuable banking entity in the stock market, ended the trading session as the biggest loser, with the banking sector recording -1.20% dip in the capital market.
A breakdown of Zenith Bank activity on the exchange floor reflects a massive sell off among shareholders, which resulted into -2.35% dip in its stock value, which fell to N22.8kobo per share, down from N23.40kobo.
This dragged Zenith Bank’s market capitalisation down to N717.41 billion, below the N734.68 billion it started Thursday’s trading with, wiping off N17.27 billion from the firm’s valuation within six hours.
Segun Agbaje-led GTCO lost N5.89 billion at the end of Thursday’s session, after its share fell -0.89% on the exchange floor, thanks to investors dumping the firm’s stock to exit their investment from the company.
The decline pushed the value of the share to N22.20kobo, having started trading at a price range of N22.40kobo. This depleted Guaranty Trust’s market valuation from N659.26 billion to N653.37 billion.
UBA ended on the stock market’s losers list following its share depreciating by -1.28%, after shareholders sell off part of their investment in the Tony Elumelu controlled financial institution.
The dip resulted into a N3.41 billion loss in UBA’s market capitalisation, as the share slumped to N7.70kobo, from N7.80kobo per share, so did the total investment value of the firm crashed to N263.34 billion from N266.76 billion.
The sell off among investors with bank asset in their portfolio extended into Access Holdings exchange floor, causing the share of the lender to decline by -0.51%, from N9.80kobo per share to N9.75kobo.
In response, UBA’s market valuation lost N1.78 billion, dwindling from N348.34 billion to N346.57 billion after trading hours on Thursday.