Investor Sentiment Sours as Market Cap Sheds N171bn, ASI falls 31bps

Samuel Mobolaji

Investors in the Nigerian stock market suffered another day of declines, losing a whopping N171.18 billion, as the All-Share Index (ASI) depreciated by 31bps to close at 97,830.65 points.

Also, the market capitalization shed N171.18 billion to close at N55.55 trillion, while the year-to-date (YTD) return dipped to 30.84 per cent.

The downturn was largely driven by selling pressures in key stocks such as GTCO (-0.11 per cent), ZENITHBANK (-2.03 per cent), and FBNH (-2.20 per cent).

The decline in market performance was also reflected in the lower trade turnover, with the value of transactions down by 8.11 per cent.

Despite the overall negative market sentiment, some stocks bucked the trend, with ABCTRANS leading the gainers’ table with a 10.00 per cent increase.

However, the market breadth remained negative, with 36 stocks declining in value, led by UCAP (-9.92 per cent).

Investors will be keeping a close eye on market developments, hoping for a turnaround in fortunes.