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Selloffs in UBA, GTCO, and ZENITH leads to 10bps stock index decline

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  • The Nigerian stock market opened the week on a bearish note, as the benchmark index declined by 10bps to close at 155,496.15 points, marking a return of the market bears. As a result, the year-to-date return moderated to 51.08% from 51.22% in the previous week, while market capitalisation fell by N94.53bn (-0.10%) to settle at N98.70trn.
  • The market performance was largely driven by selloffs in UBA (-4.29%), GTCO (-2.00%), and ZENITHBANK (-2.53%), outweighing investors interest in WEMA (+7.23%), NEM (+9.67%), and CORNERST (+7.06%).
  • Market activity was down, with transaction volume and value declining by 58.49% and 20.78% respectively. ACCESSCORP (-5.40%) led the volume chart with 68.92m units traded, while ARADEL (+10.00%) led in value with N5.63bn worth of transactions.
  • Market breadth closed negative at 0.76x, reflecting more decliners than advancers.  NEM (+9.67%) led the tweny-five (25) gainers, while CHAMPION (-9.64%) topped the thirty-three (33) laggards, and the remaining stocks closing flat.

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