Equities Market Extends Losing Streak as Investors Lose N80.17bn

Samuel Mobolaji

The Nigerian stock market continued its downward trend for the third consecutive session, with the All-Share Index (ASI) slipping by 14 basis points (bps) to close at 97,248.82 points. This latest decline eroded investor confidence, leading to a significant loss of N80.17 billion in market capitalization, which settled at N55.22 trillion.

To this end, the Year-To-Date (YTD) return for the ASI also took a hit, dropping to 30.06 per cent.

Key losses in major stocks like GTCO (-0.22 per cent), TRANSCORP (-2.23 per cent), and FIDELITYBK (-1.95 per cent) outweighed gains in UBA (+0.23 per cent), ACCESSCORP (+0.26 per cent), and STANBIC (+0.28 per cent), further driving down the market.

The day’s trading activity revealed a sharp decline in trade turnover, which fell by 60.62 per cent compared to the previous session.

A total of 315.30 million shares valued at N5.48 billion were traded across 8,365 deals. VERITASKAP (+4.84 per cent) led the volume chart with 38.42 million units traded, while GTCO (-0.22 per cent) topped the value chart with transactions worth N1.65 billion.

Market breadth also closed on a negative note, with a 0.91-to-1 ratio as declining stocks outnumbered advancing ones. OANDO (-9.95 per cent) led the list of 23 laggards, while GUINEAINS (+10.00 per cent) topped the 20 gainers on the leader’s table.

Investors will be closely watching the market for signs of a rebound as the week progresses, but the continued losses suggest a cautious sentiment prevailing among market participants.