Nigeria’s stock market experienced mixed outcomes, with the All-Share Index falling by 0.34 percent, while market capitalization rose by N94 billion. The banking sector faced notable declines, resulting in 35 losers against 20 gainers. Key declines included Ikeja Hotel and United Capital, while Nigerian Exchange Ltd. and Learn Africa marked significant gains. Zenith Bank led trading volumes.
Trading activities on the Nigerian stock market concluded with mixed results, as the Nigerian Exchange Ltd All-Share Index experienced a decline of 0.34 percent, falling by 366.26 points to end at 107,455.13, in contrast to its previous close of 107,821.39. Despite this drop in the index, the overall market capitalization rose by N94 billion, or 0.14 percent, closing at N67.287 trillion from an opening of 67.193 trillion.
The downturn in the market was influenced by share price devaluation within the banking sector, particularly affecting First Bank of Nigeria Holdings, Guaranty Trust Holding Company, and United Bank for Africa. Consequently, the market breadth ended negatively with 35 stocks declining and only 20 recording gains.
Ikeja Hotel registered the most significant loss, plummeting by 9.92 percent to close at N10.90. Other substantial decliners included United Capital, which dropped 9.91 percent to N20, and Cutix, down 9.84 percent to N2.29. Multiverse Mining and Africa Prudential also experienced losses of 9.74 percent and 9.40 percent, respectively.
Conversely, notable gains were recorded by Nigerian Exchange Ltd. and Learn Africa, each appreciating by 10 percent to close at N33.00 and N3.63 per share. Champion Breweries increased by 9.90 percent to N4.33, while ABC Transport saw an uptick of 8.86 percent to settle at N1.56. Tantalizer also performed well, closing up 9.47 percent at N2.08 per share.
In total, approximately 308 million shares valued at N7.231 billion changed hands through 15,474 transactions. Zenith Bank led the market in both volume and value of trades, with 32.37 million shares traded, contributing N1.56 billion to total turnover.
In summary, the recent trading session on Nigeria’s stock exchange revealed a mixed performance, characterized by a decline in the All-Share Index and notable gains in market capitalization. The banking sector’s struggles significantly influenced the market, resulting in an adverse breadth. However, select stocks demonstrated resilience amid the downturn, indicating selective investor confidence in certain sectors.
Original Source: gazettengr.com
