The equity market halted last session’s winning streak as investors lost N103 billion, following sell-offs in Tier-one banking stocks and cautious trading.
Specifically, sell-offs in FBN Holdings, United Bank For Africa (UBA) and Access Corporation, Fidelity Bank, Transnational Corporation, Nigerian Breweries, WAPCO, ETranzact, among other declined stocks, drove the market’s weak performance.
Consequently, the market capitalisation which opened at N56.172 trillion, lost N103 billion or 0.18 per cent to close at N56.069 trillion.
The All-Share Index also shed 0.18 per cent or 112 points, to settle at 99,118.86, as against 99,300.38 recorded on Friday.
As a result, the Year-To-Date (YTD) return fell to 32.56 per cent.
However, while investors traded cautiously, the losses recorded on the Exchange were not related to the ongoing indefinite strike embarked upon by workers under the auspices of the Nigeria Labour Congress (NLC) and the Trade Union Congress(TUC).
However, the market breadth closed positive with 23 gainers and 17 losers on the floor of the Exchange.
On the gainers’ table, Cornerstone Insurance, and Deap Capital Management and Trust Plc led by 10 per cent each to close at N2.09 and 44k per share respectively.
On the other hand, ETranzact led the losers’ table with 9.82 per cent to close at N5.05 while Unity Bank trailed closely by 9.80 per cent to close at N1.38 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 38.92 per cent.
A total of 349.59 million shares valued at N5.24 billion were exchanged in 8,082 deals, compared to 434 million shares valued at N8.58 billion exchanged in 8,525 deals posted in the previous session.
Veritas Kapital led the activity chart in volume with 57.95 million shares worth N35.94 million, while Guaranty Trust Holding Company (GTCO) followed by N47.63 million shares valued at N47.63 billion to lead in value.
