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For the third consecutive trading session, Nigeria’s stock market continued its bearish run as price losses in the shares of heavyweight banking stocks left the market’s year-to-date(YTD) loss at -15.8 per cent.
At the close of transactions yesterday, the All Share Index (ASI) dipped by 0.06 per cent to close at 26,456.29 points while investors lost about N8 billion, dragging down market capitalisation to N12.878 trillion.
GT Bank was top on volume charts with the sale of 35.21 million shares worth N946.73 million. FBN Holdings traded about 24.33 million shares valued at N130.78 million while Fidelity Bank sold 13.96 million shares valued at N23.69 million. According to Analysts at Afrinvest, “we expect investors’ risk-off approach to persist, although there are opportunities for bargain hunting”.
Market breadth remained positive as 11 stocks appreciated in value while eight others depreciated. Wapic was top on the gainers’ chart with 9.38 per cent to close at 35 kobo, Chams followed with 9.09 per cent to close at 24 kobo, FCMB increased by 6.92 per cent to close at N1.70, Flourmill rose by 2.37 per cent to close at N15.10. while Law Union garnered 2.08 per cent to close at 0.49 kobo per share.
