Mixed Sentiments Characterize Trading on Nigeria’s Stock Exchange

Trading on Nigeria’s stock market showed mixed results as the All-Share Index fell by 0.34 percent, although market capitalization increased by N94 billion. While banking stocks faced significant depreciation, select companies like Nigerian Exchange Ltd. and Learn Africa recorded gains. Zenith Bank led in trade volumes, reflecting diverse market activity.

Trading activities on Nigeria’s stock market concluded with mixed results, as the Nigerian Exchange Ltd All-Share Index saw a decline of 0.34 percent. This drop amounted to 366.26 points, resulting in a closing index of 107,455.13, down from the 107,821.39 recorded on Friday. Despite this, the market capitalization observed an increase, rising by N94 billion or 0.14 percent, finishing at N67.287 trillion, a modest improvement from the opening figure of N67.193 trillion.

The recent market decline was primarily influenced by depreciating share prices in several banking stocks, notably First Bank of Nigeria Holdings, Guaranty Trust Holding Company, and United Bank for Africa. The overall market breadth reflected this downturn, closing negative with 35 stocks reporting losses compared to 20 gainers.

Among the notable losers, Ikeja Hotel led with a significant drop of 9.92 percent, closing at N10.90. United Capital followed closely behind, decreasing by 9.91 percent to settle at N20 per share. Other significant declines included Cutix, down 9.84 percent to N2.29, and Multiverse Mining, which fell 9.74 percent to N8.80.

Conversely, on the gainers’ side, Nigerian Exchange Ltd. and Learn Africa experienced a surge of 10 percent each, finishing at N33.00 and N3.63 per share, respectively. Additionally, Champion Breweries increased by 9.90 percent to close at N4.33, and ABC Transport rose 8.86 percent, concluding at N1.56. Tantalizer also gained traction, increasing by 9.47 percent to close at N2.08.

In total, trading volumes reached 308 million shares valued at N7.231 billion across 15,474 transactions. Zenith Bank dominated both by trading volume and value, facilitating 32.37 million shares worth N1.56 billion. The diverse market performance illustrated the volatility and complexities influencing trading activities on the Nigerian Stock Exchange.

In summary, the Nigerian stock market experienced a mixed trading session, with the All-Share Index declining slightly while market capitalization increased. Significant losses were observed among banking stocks, contributing to the negative market breadth. Overall, trading activity demonstrated notable fluctuations amidst varying performance levels across different sectors of the market.

Original Source: gazettengr.com