Investors lose N114bn as stock market maintains downward trend

The domestic bourse on Tuesday maintained a downward trend for the fourth consecutive session, causing investors to lose N114 billion.

Selloffs in Guaranty Trust Holding Company (GTCO), Zenith Bank, FBN Holdings, Access Corporation, Ikeja Hotel, May & Baker, and RT Briscoe, among other declining equities, drove the market down.

Specifically, the market capitalisation, which opened at N56.572 trillion, closed N114 billion or 0.2 per cent downward, to close at N56.458 trillion.

The All-Share Index also shed 0.2 per cent or 201 points to close at 99,805.95, as against 100,006.79 recorded on Monday.

The Year-To-Date (YTD) return dropped to 33.48 per cent.

However, market breadth closed positive with 28 gainers and 24 losers on the floor of the Exchange.

Champion led 27 leading equities on the gainers’ table by 9.97 per cent to close at N3.3, while Africa Prudential led 23 laggard equities on the losers’ table by 10 per cent to close at N8.10 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up 86 per cent.

A total of 422.69 million shares valued at N53.96 billion were exchanged in 8,256 deals, compared to 689.89 million shares worth N7.17 billion traded in 9,635 deals posted in the previous session.

Transnational Power led the activity chart in volume and value with 118.63 million shares traded in deals worth N48.99 billion, Veritas Kapital Assurance trailed with 36.30 million shares valued at N47.25 million.

Fidelity Bank sold 33.69 million shares worth N340.62 million, AIICO Insurance traded 25.80 million shares valued at N28.73 million and GTCO transacted 23.60 million shares worth N1.08 billion.

Tags: Stock market