Stocks Market Sheds N26.49bn Over Investors’ Selloffs In Banks Stocks
The Nigeria stock market on Wednesday relapsed from its bullish trend, seeing market capitalization declined by N26.49billion to close at N37.37trillion, due to investors selloffs in GTCO, Nigerian Brewery (NB) and United Bank for Africa (UBA) shares.
The domestic bourse, also, ended lower yesterday reversing some of the gains of the preceding trading session as the benchmark index lost 0.07 per cent to close at 68,334.68 points, as against 68,334.68 points posted on Tuesday and 68,279.14 point declared on first trading day of the week.
Closing figures obtained from the Nigerian Exchange Limited (NGX) at close of yesterday session, indicated that investors interest in DANGCEM (+0.05%), NESTLE (+0.01%) and FBNH (+0.84%) was offset by selloffs in GTCO (-1.77%), NB (-0.65%) and UBA (-0.33%) putting the market in the red.
Consequently, the year-to-date (YTD) return fell to 33.24 per cent, while analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 46.30 per cent.
A total of 378.65million shares valued at N5.48billion were exchanged in 7,671 deals. OANDO (+9.70%) led the volume chart with 83.53m units traded while DANGCEM (+0.05%) led the value chart in deals worth N708.71million.
Market breadth closed positive at a 1.06-to-1 ratio with advancing issues outnumbering declining ones.
OANDO (+9.70%) topped 18 others on the leader’s table, while VITAFOAM (-10.00%) led 17 others on the laggard’s log.
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