Investors Lose N65bn as Equities Market Continues Downward Slide
Samuel Mobolaji
Investors faced another setback yesterday as the Lagos bourse continued its downward trajectory, as equities investors’ wealth declined by N64.98 billion.
Specifically, the benchmark index slipping by 12 basis points to close at 95,718.05 points, while the market capitalisation, resulted in a substantial loss of N64.98 billion in which now stands at N54.98 trillion.
The market’s weak performance, driven by significant selloffs in ZENITHBANK (-0.26 per cent), TRANSCOHOT (-10.00 per cent), and FBNH (-1.72 per cent).
Despite gains in GTCO (+0.11 per cent), UBA (+1.36 per cent), and TRANSCORP (+8.49 per cent), the overall market trend remained negative, pushing the year-to-date (YTD) return down to 28.01 per cent.
Trade turnover also saw a decline, with the value of transactions dropping by 19.28 per cent, amounting to N5.85 billion across 393.62 million shares in 8,243 deals.
UNIVINSURE (-3.03 per cent) led the volume chart with 68.19 million units traded, while OANDO (+9.99 per cent) dominated the value chart with deals worth N1.29 billion.
Despite the overall decline, market breadth remained positive with a 1.18-to-1 ratio, as advancing issues outnumbered decliners. ACADEMY (+10.00 per cent) topped the gainers’ list, while TRANSCOHOT (-10.00 per cent) led the laggards, further contributing to the market’s challenging performance.
As the market heads for another weekly loss, investors are left to navigate an increasingly volatile trading environment.
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