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  • Business - Market Data
  • Updated: April 17, 2024

Nigerian stock market records decline, losing N1.11 trillion in capitalization

Nigerian stock market records decline, losing N1.11 trillion

Trading activities on the Nigerian Exchange Ltd. (NGX) concluded Tuesday on a downward trajectory, witnessing a significant drop in capitalization by N1.11 trillion.

The market capitalization, which commenced at N57.560 trillion, experienced a decline of N1.11 trillion, representing a decrease of 1.93 percent, closing at N56.447 trillion.

The All-Share Index also recorded a decline of 1.93 percent or 1,969 points, settling at 99,808.34 compared to the previous day's close of 101,777.12.

Consequently, the year-to-date (YTD) return decreased to 33.48 percent.

According to News Agency of Nigeria, the market’s declining performance was driven by sell-offs in telecommunications heavyweights, such as MTN Nigeria, alongside Tier-one banking stocks, namely Guaranty Trust Holding Company (GTCO) and FBN Holdings, Access Corporation and Zenith Bank, as Dangote Sugar, among other decliners.

Meanwhile, the market breadth closed negative with 27 losers and seven gainers on the trading floor.

On the losers log, Cornerstone Insurance, Ellah Lakes, Fidelity Bank, Japaul Gold Group, and Vitafoam Nigeria led in percentage terms by 10 each to close at N1.71, N3.15, N8.10, N1.80, and N18.90 per share, respectively.

Conversely, Morison Industries Plc led the gainers table by 9.96 per cent to close at N3.09, and Thomaswy trailed by 8.63 per cent to close at N2.14 per share.

Universal Insurance also rose by 5.56 per cent to close at 38k, Omatek added 3.80 per cent to close at 82k, while Secure Electronic Technology Plc advanced by 3.45 per cent to close at 60k per share.

However, analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 16.91 per cent.

A total of 403.89 million shares valued at N8.38 billion were exchanged in 10,170 deals, compared to 326.64 million shares valued at N7.17 billion exchanged in 10,777 deals.

Access Corporation led the activity chart with 62.93 million shares traded, worth N1.07 billion. GTCO followed with 47.38 million shares worth N1.74 billion to lead the chart in value.

United Bank of Africa(UBA) sold 45.63 million shares valued at N1.10 billion, Zenith Bank transacted 41.36 million shares worth N1.50 billion, and Fidelity Bank traded 23.14 million shares worth N189.36 million.

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