Stocks Market Archives - Lagos Business News

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...

Stocks Market Sustains Bearish Trend By N26.04bn

Samuel Mobolaji The equities market of the Nigerian Exchange Limited (NGX) on Thursday sustained the bearish trend, as market capitalization shed N26.04biln to close at N28.40trillion, as against N28.43trillion ended on Wednesday and N28.64trillion recorded on Tuesday. Specifically, local bourse benchmark index shed for the second consecutive session, extended losses as the All Share Index (ASI) closed 0.09 per cent weaker to close at 52,161.24 points. Statistics obtained from the NGX, shows that the market’s weak performance was driven by losses in Tier 1 banking names, ZENITHBANK (-2.05%), GTCO (-2.44%), and ACCESSCORP (-3.77%). The loss puts the index on track for a weekly loss. As a result, the ASI’s year-to-date (YTD) return fell to 1.78 per cent, while market’s trade turnover settled lower relative to the previous session, with the value of transactions down by 12.04 per cent. A total of 477.37mnillio shares valued at N5.24billion were exchanged in 5,539 deals. For the fifth consecutive session, ACCESSCORP (-3.77%) led volume and value charts with 169.32m units traded in deals worth N1.74billion. Market breadth closed negative at a 1.20-to-1 ratio with declining issues outnumbering advancing ones. FCMB (-5.66%) topped seventeen (17) others on the laggard’s table, while ARDOVA (+10.00%) led fourteen (14) others on the leader’s log.