The Nigerian Exchange Ltd. concluded trading on Wednesday with a downturn, attributed to a drop in the share prices of Tier-one bank stocks and others.
As a result, the All-Share Index witnessed a 1.4% decline, plummeting by 1,167.46 points to close at 82,024.28, compared to the previous day’s 83,191.84. Simultaneously, the overall market capitalisation also saw a 1.4% decrease, falling by N638 billion to settle at N44.885 trillion from an opening of N45.523 trillion.
Several factors contributed to the market downturn, with the significant losses recorded in MTN Nigeria, Zenith Bank, and Guaranty Trust Holding Company, GTCO, among others. However, the Year-To-Date return increased by 9.7%.
The market breadth ended on a negative note, with 50 equities closing as losers and 11 as gainers. Leading the losers were Caverton, Chams, May Baker, FTN Cocoa Processors, and Consolidated Hallmark Insurance, experiencing a decline in percentage terms. Conversely, Cadbury emerged as the top gainer, securing a 9.92% increase, followed by Veritas Kapital with a 9.76% surge, and Linkage Assurance with an 8.70% growth.
Transcorp hotel recorded a 7.24% decline, while Prestige gained 6%, closing at 53k per share. The day’s trading saw a total of 1.64 billion shares valued at N25.38 billion exchanged in 20,223 deals. Transcorp took the lead in shares traded with 117.64 million shares valued at N1.54 billion. Following closely was Access Holdings with 116.64 million shares traded at N3.26 billion, and Sterling Bank transacting 116.29 million worth N774.99 million. Jaiz Bank also sold 100.7 million shares valued at N282.65 million, and AIICO Insurance garnered 91.79 million shares, trading at N127.86 million.
The latest market performance reflects the dynamic nature of Nigeria’s stock market, with implications for both domestic and foreign investors alike. As developments unfold, market players are keenly observing the fluctuating trends and anticipating the subsequent shifts in the stock market landscape.
