Investors in the Nigerian equity market lost 65 billion naira on Thursday due to selloffs in Zenith Bank, FBN Holdings, Transcorp Hotel and other stocks.
The market capitalisation dropped by 64 billion naira (0.12 per cent), closing at 54.983 trillion naira down from the opening value of 55.047 trillion naira. Similarly, the All-Share Index decreased by 0.12 per cent, losing 114 points to settle at 95,718.05, compared to Wednesday’s 95,831.51.
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As a result, the Year-To-Date return dropped to 28.01 per cent. However, Market breadth closed positive with 22 gainers and 18 losers. On the gainers’ chart, Academy Press led by 10 per cent to close at 2.75 naira per share, while Transcorp Hotel led the losers’ chart by 10 per cent to close at 90 naira per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session with the value of transactions down by 19.28 per cent. A total of 393.62 million shares valued at 5.85 billion were exchanged in 8,243 deals, compared to 360.56 million shares valued at N7.25 billion traded in 8,813 deals posted in the previous session.
Meanwhile, Universal Insurance led the activity chart in volume with 68.19 million shares, while Oando led in value with deals worth N1.29 billion
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