Selloffs: Stock market drops N183bn

The stock market closed on Wednesday negative as the market capitalisation decreased by N183 billion to N28.451 trillion from N28.634 trillion.

The All Share Index (ASI) also declined by 0.64 per cent to 52,775.40 points from 53,114.65 points recorded on Tuesday.

The decline was attributed to selloffs in MTN Nigeria stocks, and some Tier-1 bank stocks; First Bank of Nigeria Holdings (FBNH), Zenith Bank and Union Bank.

Consequently, the year-to-date (YTD) return fell to 23.55 per cent.

Market breadth closed negative as 26 stocks were on the laggard’s log while 11 on the leaders table.

Breakdown of the price movement chart shows that Tripple G recorded the highest gain to lead the gainers’ chart with 9.20 per cent to close at 95k per share.

LearnAfrica trailed with 5.49 per cent to close at N2.50 while Unity Bank rose by 2.13 per cent to close at 48k per share.

AIICO also rose by 1.56 per cent to close at 65k while Livestock inched up by 1.33 per cent to close at N1.52 per share.

On the other hand, Meyer led the losers’ chart, dropping by 10 per cent to close at N2.79 per share.

Linkage Assurance dropped by 8.93 per cent to close at 51k, while Union Bank Insurance dipped by 7.69 per cent to close at N6 per share.

International Breweries lost by 6.12 per cent to close at N6.90 while FBNH dipped by 5.71 per cent to close at N9.90 per share.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 23.76 per cent.

A total of 188.1billion units of shares valued at N2.36bn were exchanged in 4,890 deals.

UBA was the toast of investors, accounting for 36.42 million shares valued at N278.56 billion.

Guaranty Trust Holding Company (GTCo) came second with 24.39 million shares worth N531.3 million, while FBNH sold 17.62 million shares valued at N175.82 million.

Sterling Bank accounted for 14.28 million shares worth N21.91 million, while Zenith Bank transacted 12.84 million shares valued at N286.83 million.