Sell-offs: Equity Market Closes With N99bn Loss

The domestic bourse extended its bearish trend on Friday, closing the week with a N99 billion loss.
Sell-offs in Tier-one banking stocks, including Zenith Bank, FBN Holdings, United Bank for Africa (UBA), Access Corporation, and Fidelity Bank, along with Transnational Corporation and other declined equities, dragged the market to a negative terrain.

Specifically, market capitalisation, which opened at N59.391 trillion, declined by N99 billion or 0.17 per cent, closing at N59.292 trillion.

Similarly, the All-Share Index dropped by 0.17 per cent or 164 points, settling at 97,829.02, compared to 97,992.55 recorded on Thursday.

As a result, the Year-to-Date (YTD) return moderated to 30.83 per cent.

However, the market breadth closed positive with 27 gainers and 25 losers.
Eunisell Ltd., led the gainers chart by 9.99 per cent to close at N19.27 per share, while Mecure led the losers chart by 9.83 per cent to close at N10.55 per share.

Also, the market activities ended with trade turnover reducing by 36.74 per cent.

A total of 366.62 million shares valued at N6.07 billion were exchanged in 9,677 deals, compared with 467.68 million shares valued at N9.59 billion traded in 10,659 deals posted in the previous session.

Meanwhile, FBN Holdings led the activity chart in volume and value with 42.41 milion shares valued at N1.10 billion.(NAN)