Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market started the new week on a negative note, declining by 0.15% as profit-taking in major banking stocks weighed heavily on overall performance.
At the close of trading on Monday, June 16, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) dropped to 115,258.77 points from 115,429.54 points recorded in the previous session.
Source: Getty Images
Investors lost N107.69 billion after trading on Monday as market capitalisation declined to N72.68 trillion.
The downturn was largely attributed to selling pressure in the banking sector, following regulatory concerns over forbearance.
The NGX Banking Index was hit hardest, with huge losses recorded in Access Holdings Plc (-8.28%), Zenith Bank Plc (-6.37%), FBN Holdings Plc (-6.03%), United Bank for Africa Plc (-5.67%), and Fidelity Bank Plc (-4.94%).
Trading activity slowed, with total volume falling by 22.66% to 721.75 million units, valued at N22.01 billion, across 22,100 deals.
Source: Facebook
CBN tells banks to stop payment of executive bonuses, dividends
Earlier, Legit.ng reported that the payment of executive bonuses, dividends, and foreign investments by banks that are currently subject to regulatory forbearance has been temporarily halted by the Central Bank of Nigeria (CBN).
This is part of a plan to strengthen financial restraint and safeguard the stability of the banking industry.
This move applies to banks facing financial stress and aims to prioritise their recovery.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
-1750077081974.jpg)
