THUR, 16 JUNE, 2022-theGBJournal| For the third consecutive session, the domestic bourse sustained the losing streak, bringing down the benchmark Index by 0.69% to close at 52,411.09 points, the lowest point since 24 May. The decline puts the index on track for a week of loss, eroding the gains of the past week.
On market movers, the weak performance was driven by selloffs in index heavyweights, AIRTELAFRICA (-1.19%) and BUAFOODS (-9.97%). In addition, the continued rout in some Tier-1 banks, ZENITHBANK (-1.35%), GTCO (-0.69%) and UBA (-0.66%) offset gains in FBNH (+3.54%), dragging down the market. Consequently, the year-to-date (YTD) return fell to 22.70%, with the market capitalization down by N196.40bn to close at N28.23trn.
Analysis of today’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions increasing slightly by 0.09%. A total of 211.61m units of shares valued at N2.37bn were exchanged in 4,750 deals. STERLNBANK (+0.65%) led the volume chart with 63.66m units traded while ZENITHBANK (-1.35%) led the value chart in deals worth N382.57m.
Market breadth closed negative at a 1.83-to-1 ratio, with declining issues outnumbering advancing ones. CONOIL (-10.00%) topped twenty-one (21) others on the laggard’s log, while LINKASSURE (+9.80%) led eleven (11) others on the leader’s table.
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