Investors Lose N337.13bn as ASI Falls by 57bps

Samuel Mobolaji

The Lagos bourse ended its brief upward trend today, with the All-Share Index (ASI) declining by 57 basis points to settle at 96,567.24 points.

This downturn erased N337.13 billion in market capitalisation, which now stands at N58.51 trillion.

The drop was largely attributed to significant selloffs in major Tier-1 banks, including GTCO (-1.91%), Zenith Bank (-0.81%), and UBA (-9.99%), despite gains from stocks like FBN Holdings (+1.65%), Access Holdings (+2.12%), and WAPCO (+0.66%).

Trading activity also slowed, with the total transaction value declining by 60.73 per cent compared to the previous session.

The session saw 418.39 million shares traded, valued at N10.04 billion across 9,021 deals. STERLINGNG led in volume with 79.65 million shares, while UBA topped the value chart with trades worth N2.57 billion, despite a near 10 per cent drop in its stock price.

Market breadth closed in negative territory, with a ratio of 0.95-to-1, as declining stocks outpaced advancers. UBA (-9.99%) was the biggest laggard, while Eunisell (+9.87%) led the gainers.

The year-to-date (YTD) return on the ASI now stands at 29.15 per cent.