Nigeria’s stock exchange trading ended with mixed results as the All-Share Index fell by 0.34 percent due to declining bank stock prices. Despite a gain in market capitalization by N94 billion, the market breadth showed more losses than gains. Significant movers included Ikeja Hotel and Zenith Bank, highlighting active trading in various sectors.
Trading on Nigeria’s stock exchange concluded with mixed results, as the Nigerian Exchange Limited All-Share Index decreased by 0.34 percent, amounting to a decline of 366.26 points, closing at 107,455.13 from the previous figure of 107,821.39. This downturn is attributed to the depreciation of share prices in the banking sector, particularly affecting major players such as First Bank of Nigeria Holdings, Guaranty Trust Holding Company, and United Bank for Africa.
Despite the overall decline in share prices, market capitalization witnessed a gain of N94 billion, equating to an increase of 0.14 percent, rising from an opening of N67.193 trillion to close at N67.287 trillion. However, the market’s breadth reflected a negative trend, with 35 companies recording losses against only 20 gainers.
Ikeja Hotel led the decliners with a significant drop of 9.92 percent, closing at N10.90. Other notable losers included United Capital, down 9.91 percent to N20, and Cutix, which fell 9.84 percent to N2.29. Additionally, Multiverse Mining and Africa Prudential also experienced marked declines of 9.74 and 9.40 percent, respectively.
Conversely, on the gainers’ side, Nigerian Exchange Limited and Learn Africa both appreciated by 10 percent, closing at N33.00 and N3.63, respectively. Champion Breweries recorded a gain of 9.90 percent, while ABC Transport rose by 8.86 percent, and Tantalizer increased by 9.47 percent.
During this trading session, a total of 308 million shares were exchanged, valued at N7.231 billion, across 15,474 transactions. Zenith Bank emerged as the leader in both volume and value of trade, selling 32.37 million shares worth N1.56 billion.
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In summary, the trading activities on Nigeria’s stock exchange exhibited mixed sentiments, characterized by a decline in the All-Share Index alongside an increase in market capitalization. Price depreciations in major banking stocks drove the overall negative market breadth, with significantly more losers than gainers. Noteworthy gains were recorded in several stocks, hinting at a diverse market response and trading activity on the exchange.
Original Source: gazettengr.com
