The Nigerian stock market declined by 0.43% on Tuesday, resulting in a loss of N285 billion in market capitalisation. The All-Share Index dropped to 106,167.75. Despite the overall downturn, some stocks, such as Livestock Feeds, recorded gains. Trading volume also decreased from the prior session, with Fidelity Bank leading transactions.
On Tuesday, the Nigerian stock market experienced a decline, with the performance indices decreasing by 0.43 percent. The market capitalisation of the Nigerian Exchange Ltd. (NGX) fell by N285 billion, dropping to N66.484 trillion from the previous figure of N66.769 trillion. Additionally, the All-Share Index decreased by 454 points, closing at 106,167.75 compared to the prior day’s close of 106,621.91. The market breadth reflected a negative outcome, with 31 stocks losing value against 23 gainers.
Among the notable losers, Mecure Industries saw a substantial decline of 10 percent to close at N11.25, while ABC Transport fell by 7.98 percent, closing at N1.50 per share. Daar Communications and Guinea Insurance also experienced significant losses of 7.46 percent and 7.35 percent, respectively, with closing prices of 62k and 63k per share. Royal Exchange’s shares decreased by 7.32 percent to close at 75k.
Conversely, several stocks showed positive performance; Livestock Feeds increased by 9.93 percent to close at N9.85, and Cornerstone Insurance rose by 9.25 percent to N3.19 per share. International Energy Insurance experienced an increase of 8.99 percent, closing at N1.94, while Smart Products Nigeria gained 8.33 percent, ending at 39k. Additionally, Lasaco Assurance’s shares advanced by 7.55 percent to close at N2.85 per share.
Trading activity saw a total of 324.59 million shares exchanged, valued at N7.918 billion across 12,652 transactions. This was a decrease from the previous session, which recorded exchanges of 364.97 million shares worth N17.628 billion over 14,565 transactions. Fidelity Bank led the trading activity, with transactions of 29.387 million shares valued at N502 million. Following closely were Access Corporation and Guaranty Trust Holding Company, with trades of 28.345 million and 28 million shares, respectively, valued at N680 million and N1.688 billion.
Zenith Bank and Universal Insurance also recorded significant transactions, with 22.359 million shares worth N1.067 billion and 16.194 million shares valued at N9.724 million exchanged, respectively.
In summary, the Nigerian stock market suffered a downturn on Tuesday, with a notable decline in market capitalisation and the All-Share Index. Notable losses were reported among various companies, while a select few stocks showed gains. Overall trading volume decreased compared to the previous session, with Fidelity Bank leading the day’s transactions. This performance illustrates the volatility present in the Nigerian stock market.
Original Source: www.premiumtimesng.com
