Trading on Nigeria’s stock exchange concluded with mixed results. The All-Share Index fell by 0.34% due to declines in banking stocks, while market capitalization saw a modest increase of N94 billion. Notable losers included Ikeja Hotel and United Capital, while Nigerian Exchange Ltd. and Learn Africa led the gainers. Zenith Bank recorded the highest trade volume and value.
The Nigerian stock market experienced fluctuations, with the All-Share Index dropping by 0.34%, equivalent to a decline of 366.26 points, closing at 107,455.13. In contrast, the market capitalization saw a slight increase of N94 billion, rising by 0.14% to reach N67.287 trillion.
The downturn was largely influenced by falling stock prices in the banking sector, particularly impacting First Bank of Nigeria Holdings, Guaranty Trust Holding Company, and United Bank for Africa. As a result, the overall market performance reflected a negative breadth with 35 declining stocks compared to 20 gaining stocks.
Ikeja Hotel recorded the steepest decline at 9.92%, closing at N10.90, followed closely by United Capital, which fell by 9.91% to N20 per share. Other significant losses included Cutix, down 9.84% to N2.29, and Multiverse Mining, which decreased by 9.74% to N8.80.
Conversely, the gainers included Nigerian Exchange Ltd. and Learn Africa, both achieving 10% growth to close at N33.00 and N3.63, respectively. Champion Breweries increased by 9.90% to N4.33, while ABC Transport rose by 8.86% to N1.56.
A total of 308 million shares, valued at N7.231 billion, changed hands through 15,474 transactions. Notably, Zenith Bank was the leader in both trading volume and value, with 32.37 million shares amounting to N1.56 billion traded.
In summary, the trading session on Nigeria’s stock exchange reflected mixed sentiments characterized by a decline in the All-Share Index and price drops in key banking stocks. While the market capitalization rose slightly, the negative performance outnumbered the gains, underscoring a cautious trading environment. The day’s activities were robust, highlighted by significant transactions led by major companies like Zenith Bank.
Original Source: gazettengr.com
