NGX Banking Index surges over 20% as FUGAZ banks recover in the stock market

Oct. 2, 2024 - Nairametrics

The NGX Banking Index has seen a remarkable resurgence, soaring by over 20% after hitting a low of 774.35 in April, with particularly strong gains recorded during August and September.

This announcement prompted a considerable sell-off in banking stocks, particularly among the FUGAZ group, leading to a dramatic 24% decline in the index throughout April. In the wake of this downturn, the index has started to rebound, with large-cap banking stocks within the FUGAZ group experiencing a notable correction, particularly during the months of August and September.

Key Insights:Following the Central Bank of Nigeria’s announcement on March 28, bank share prices, particularly within the FUGAZ group, saw significant declines. The drop in these banking stocks contributed to the sector’s overall decline, with the index losing 774 points in April.

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