Ending the week, the Lagos bourse extended its two-day bear run as the benchmark index closed 1.64% weaker – offsetting early week gains – to settle at 43,895.25 points, its lowest level since 11 January. Selloffs in market heavyweights, DANGCEM (-10.00%) and MTNN (-0.05%) outweighed gains in FBNH (+7.69%) and GEREGU (+0.88%) to keep the market in the red. The loss keeps the index shy of a bear market, down 18.84% from its May 27 high.
Despite gaining in three (3) of five (5) trading sessions this week, the ASI closed 1.13% lower w/w, extending past week’s losses. Losses in AIRTELAFRI (-2.83% w/w), DANGCEM (-10.00% w/w) and GTCO (-3.24% w/w) drove the broader index’s loss. Consequently, the year-to-date (YTD) return slumped to 2.76%, while the market capitalization shed ₦271.99bn w/w to close at ₦23.91trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 183.07%. A total of 122.79m shares valued at ₦4.40bn were exchanged in 3,402 deals. FIDELITYBK (+7.89%) led the volume chart with 14.95m units traded, while MTNN (-0.05%) led the value chart in deals worth ₦1.78bn.
Market breadth closed negative at a 1.21-to-1 ratio with declining issues outnumbering advancing ones. DANGCEM (-10.00%) topped sixteen (16) others on the laggard’s table, while WAPIC (+9.09%) led thirteen (13) others on the laggard’s log.