The banking index saw a loss of 14.32% when the week came to an end, making it the sectorial index with the lowest performance.
The market capitalization and NGX All-Share Index both declined by 0.75% to end the week at 62,569.73 and N34.070 trillion, respectively.
All other indices also ended down, with the exception of the NGX Oil and Gas, NGX Lotus ll, and NGX Industrial Goods Indices, which rose by 1.43%, 0.72%, and 9.01%, respectively, while the NGX ASeM and NGX Sovereign Bond Indices ended level.
Market capitalization climbed by N257 billion over the course of the week as investors upped their selling pressure, particularly on blue-chip equities to make profits.
Data from the Nigerian Exchange Limited show that the banking index decreased by 14.32% or 101.48 basis points to end the week at 607.29 index points as opposed to its starting index of 708.77 index points at the beginning of the week.
NGX data showed that the banking sector has had a favourable year-to-date performance of 45.46%.
The NGX Banking Index has risen from its closing value of 417.5 index points on December 30, 2022, to 721 index points as of Monday, July 10, 2023.
