The Nigerian equity market experienced a setback after four consecutive days of gains, with the performance indices declining by 0.09%. This decline was attributed to a sell-off in Tier-one banking stocks.
The market capitalisation concluded with a loss of N37 billion, equivalent to 0.09%, settling at 39.612 trillion compared to the previous N39.649 trillion. Correspondingly, the All-Share Index dropped by 66.6 points or 0.09% to close at 72,389.23 basis points, down from the previous session’s 72,455.83.
This downturn was fueled by the sell-off in various bank stocks, including United Bank for Africa (UBA), Access Holdings, and First Bank of Nigeria Holdings (FBNH), among others. In contrast, Guaranty Trust Holding (GTCo) dominated the activities chart with a transaction volume of 51.10 billion, while Zenith Bank led in value with 91.24 billion.
Amidst this fluctuation, Cadbury led the gainers’ table with an impressive 9.93% increase, closing at N16.05 per share, followed by Northern Nigeria Flour Mills (NNFM) with a gain of 9.93%, closing at N38.78 per share. Johnholt also experienced a significant rise of 9.85%, closing at 26k per share, with Infinity and UPDC Real Estate Investment Trust (UPDCREIT) recording gains of 9.73% and 9.64% respectively.
Conversely, Universal Insurance led the laggards’ chart with a 7.14% decrease, closing at 26k per share, followed by Livestock with a 5% decrease to N1.71, and FBNH with a 4.92% decrease to N22.20 per share. FTNCOCOA and Oando also experienced losses, falling by 3.31% and 3.24% respectively.
As the Nigerian equity market navigates these fluctuations, investors remain vigilant amid the dynamic landscape of stock performances.
