Investors lose N64bn to selloffs in Transcorp Hotel, Tier-1 banks

Investors in the Nigerian equity market lost N64 billion on Thursday due to selloffs in Zenith Bank, FBN Holdings, Transcorp Hotels and other stocks.

 The market capitalisation dropped by N64 billion, or 0.12 percent, closing at N54.983 trillion, down from the opening value of N55.047 trillion.

 Similarly, the All-Share Index decreased by 0.12 percent, losing 114 points to settle at 95,718.05, compared to Wednesday’s 95,831.51.

 As a result, the Year-To-Date (YTD) return dropped to 28.01 percent.

 However, Market breadth closed positive with 22 gainers and 18 losers

 On the gainers’ chart, Academy Press led by 10 percent to close at N2.75 per share, while Transcorp Hotel led the losers’ chart by 10 per cent to close at N90 per share.

 Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 19.28 percent.

 A total of 393.62 million  shares  valued at 5.85 billion were exchanged in 8,243 deals, compared to 360.56 million shares valued at N7.25 billion traded in 8,813 deals posted in the previous session.

 Meanwhile, Universal Insurance led the activity chart in volume with 68.19 million shares, while Oando led in value  with deals worth N1.29 billion.