Equities Market Extends Losses By N22.91bn

Samuel Mobolaji

The equities market of the Nigerian Exchange Limited (NGX) on Monday extended losses in the opening session of the week as the market capitalization lost N22.91 billion to close at N29.52 trillion.

Also, the All-Share Index (ASI) closed 0.08 weaker to settle at 54,190.28, due to selloffs in Tier-1 banks, ZENITHBANK (-0.19%), GTCO (-0.39%) and FBNH (-0.45%), who were the primary drivers of the decline.

However, the ASI’s year-to-date (YTD) return fell to 5.73 per cent.

Analysis of yesterday’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 35.32 per cent.

A total of 292.56 million shares valued at N2.38 billion were exchanged in 4,408 deals. FIDELITYBK (+0.19%) led the volume and value charts with 79.73m units traded in deals worth N426.80 million.

Market breadth closed negative at a 1.07-to-1 ratio with declining issues outnumbering advancing ones. UACN (-9.95%) topped fifteen (15) others on the laggard’s log, while LASACO (+10.00%) led fourteen (14) others on the laggard’s table.