MON, 20 JUNE, 2022-theGBJournal| Opening the week, the Lagos bourse shed almost 2.00%, extending its losing streak for the fifth consecutive session as the NGX benchmark Index closed 1.97% weaker – the biggest single day decline since 06 April 2020 – to close at 50,756.74 points, the lowest point since 04 May.
The market’s weak performance was driven by selloffs in DANGCEM (-10.00%), FBNH (-7.22%), WAPCO (-4.66%) and UBN (-10.00%), offsetting recoveries in ZENITHBANK (+2.80%) and ACCESSCORP (+1.08%). As a result, the ASI’s year-to-date (YTD) return fell to 18.82%, while the market capitalization lost N550.62bn to close at N27.36trn.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 16.15%. A total of 345m shares valued at N3.07bn were exchanged in 5,075 deals. FCMB (0.00%) led the volume and value charts with 177.6m units traded in deals worth N668.97bn.
Market breadth closed negative at a 4.43-to-1 ratio with declining issues outnumbering advancing ones. DANGCEM (-10.00%) topped thirty (30) others on the laggard’s table, while JAIZBANK (+5.32%) led six (6) others on the leader’s log.
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