Lagos bourse halts three days winning streak as market cap sheds N89bn on Monday

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BY BAMIDELE FAMOOFO

Uba Group

Starting the week, the Lagos bourse halted its three-day winning streak as the All-Share Index lost 0.31% to settle at 52,348.82 points.

Selloffs in Tier-1 banking names, ZENITHBANK (-3.72%), GTCO (-1.63%) and FBNH (-0.43%) drove the market’s weak performance. As a result, the year-to-date (YTD) return fell to 2.14 percent, while market capitalization lost N89.14 billion to close at N28.51 trillion.

Analysis of Monday’s market activities showed trade turnover settled higher relative to the previous session with the value of transactions up by 27.34 percent.

A total of 221.85 million shares valued at N3.25 billion were exchanged in 5,219 deals.

UBA (-4.19%) led the volume chart with 22.93m units traded while GTCO (-1.63%) led the value chart in deals worth N482.50 million.

Market breadth closed negative at a 1.36-to-1 ratio with declining issues outnumbering advancing ones. LIVESTOCK (-7.69%) led eighteen (18) others on the laggard’s table while PRESCO (+9.67%) topped thirteen (13) others on the gainer’s log..