The Nigeria Stock market losses another 7bps on Monday

The Nigerian stock market continued its losing streak for the fifth consecutive session, with the benchmark index dropping by 7bps to close at 98,132.15 points. The market’s weak performance was driven by selloffs in tier one banking stocks such as ZENITHBANK (-3.63%), FBNH (-2.62%), and UBA (-0.71%). As a result, the year-to-date return moderated to 31.24%, while the market capitalization increased by ₦111.76bn to close at ₦55.72trn.

Market activities saw a decrease in trade turnover compared to the previous session, with the value of transactions down by 59.69%. A total of 379.13m units valued at ₦8.71bn were traded in 10,096 deals. UBA (-0.71%) recorded the highest volume of 69.06m units traded, while SEPLAT (+0.00%) led in terms of value with transactions worth ₦2.71bn. Market breadth remained flat, with AFRIPUD (+10.00%) topping the leaders’ list and CAVERTON (-10.00%) leading the laggards.