Sell-offs in Zenith Bank, GTCO hit stock market as index closes flat



Uba Group

Today, activity on the Lagos bourse was flat as the benchmark index closed at 55,603.94 points.

Investor interests in DANGCEM (+0.72%) were offset by selloffs in Zenith Bank Plc (-1.33%) and GTCO (-0.38%). Consequently, the year-to-date (YTD) slipped to 8.49 percent, while the market capitalisation lost N889.07million to close at N30.29trillion.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 0.31 percent. A total of 159.46million shares valued at N2.48billion were exchanged in 4,187 deals. Transcorp Plc (+0.00%) led the volume chart with 14.42million units traded while Zenith Bank Plc (-1.33%) led the value chart in deals worth N344.88million.

Market breadth closed negative at a 1.67-to-1 ratio with declining issues outnumbering advancing ones. CUTIX (-9.09%) topped fourteen (14) others on the laggard’s log while UACN (+7.60%) led eight (8) others on the leader’s table.