The Nigerian major stock market experienced negative performa
Quick overview
- The Nigerian stock market saw a decline on Thursday, with investors losing N274 billion in market value.
- Market capitalization dropped to N68.6 trillion, and the All-Share Index fell by 0.40 percent.
- Despite increased trading activity, there were more losers than winners among the listed stocks.
- Union Homes Real Estate Investment Trust led the gainers, while Baker Nigeria and Chellarams experienced the largest losses.
The Nigerian major stock market experienced negative performance on Thursday, with investors losing N274 billion in market value
The market capitalization fell to N68.6 trillion, down from N68.87 trillion at the end of trading. The benchmark All-Share Index of the Nigerian Exchange decreased by 435.17 points, or 0.40 percent, closing at 109,183.93. The bearish sentiment continued despite an increase in trading activity
Compared to the previous trading day, there were 26174 deals involving 746.95 million shares valued at N18.20 billion, representing a 12% improvement in volume, a 40% increase in turnover, and a 35% rise in deals. There were 22 winners and 36 losers among the 128 listed during the day.
Union Homes Real Estate Investment Trust led the gainers with a 9.97 percent increase, closing at N50.75 per share. Red Star Express increased by 9.91% to close at N6.10, RT Briscoe rose by 9.57% to N2.29, and Sovereign Trust Insurance increased by 9.37% to close at N1.05.
Baker Nigeria and Chellarams saw the biggest drops on the losers’ chart, dropping 9.96%. Following them were McNichols, which fell by 8.70 percent to N2.10; Linkage Assurance, which fell 9.88 percent to N1.46; and Omatek Ventures, which lost 8.82 percent to close at N0.62.
Fidelity Bank was the most traded stock by volume with 137 million shares. Japaul Gold and Ventures, United Bank for Africa, and Tantalizers were next with 81,7,5 million, 60,8 million, and 43,5 million shares, respectively. Overall, sectoral performance was poor.
The Premium Index fell by 0.19 percent, while the NGX Top 30 Index fell by 0.48 percent. The NGX Pension Index saw the biggest drop with a decline of 0.81%. The Oil and Gas Index ended the day unchanged.
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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