The trading session on the Nigerian Exchange ended mixed, with the All-Share Index down 0.34 percent but market capitalisation increased by N94 billion. Losses were driven by declines in banking stocks, resulting in a negative market breadth. Nevertheless, a few stocks, including Nigerian Exchange Ltd. and Learn Africa, achieved significant gains.
Trading on the Nigerian Exchange concluded on a mixed note, with the All-Share Index witnessing a decline of 0.34 percent. It decreased by 366.26 points, closing at 107,455.13, down from 107,821.39 on the previous session. Despite this fall in index, market capitalisation rose by N94 billion, representing a 0.14 percent increase, closing at N67.287 trillion.
The decline in the market was primarily influenced by a drop in share prices of banking stocks, including First Bank of Nigeria Holdings, Guaranty Trust Holding Company, and United Bank for Africa. As a result, the market breadth was negative, revealing 35 losers compared to 20 gainers. Leading the losses was Ikeja Hotel, which fell by 9.92 percent to close at N10.90.
Further notable losses included United Capital, decreasing by 9.91 percent to N20, and Cutix, down by 9.84 percent to N2.29. Multiverse Mining saw a decline of 9.74 percent to N8.80, while Africa Prudential decreased by 9.40 percent to N32.05 per share. In contrast, on the gainers’ side, Nigerian Exchange Ltd. and Learn Africa each gained 10 percent, closing at N33.00 and N3.63 respectively.
Additionally, Champion Breweries rose by 9.90 percent, ending at N4.33, while ABC Transport increased by 8.86 percent to N1.56. Tantalizer also noted a rise of 9.47 percent, closing at N2.08 per share. Overall, a total of 308 million shares, valued at N7.231 billion, were traded over 15,474 transactions, with Zenith Bank leading in both volume and value with 32.37 million shares worth N1.56 billion.
In summary, the recent trading session on Nigeria’s stock exchange produced a mixed outcome, characterized by a downward trend in the All-Share Index and a slight overall increase in market capitalisation. The market experienced significant losses, particularly within the banking sector, while a few companies demonstrated gains. Overall, investor activity remains notable as trading continues.
Original Source: gazettengr.com
