The Nigerian stock exchange experienced mixed trading results, with the All-Share Index dropping by 0.34 percent while market capitalization increased by N94 billion. Significant losses were noted in banking stocks, leading to a negative market breadth. Meanwhile, several stocks recorded gains, notably Nigerian Exchange Ltd. and Learn Africa with a 10 percent increase each. Zenith Bank led in trading volume.
Trading on the Nigerian stock market concluded with mixed results, as the All-Share Index fell by 0.34 percent, losing 366.26 points to settle at 107,455.13. In contrast, the overall market capitalization increased by N94 billion, reflecting a growth of 0.14 percent, rising to N67.287 trillion from the previous opening of N67.193 trillion.
The decline in the All-Share Index was mainly influenced by price decreases in banking stocks, notably First Bank of Nigeria Holdings, Guaranty Trust Holding Company, and United Bank for Africa. Consequently, the market experienced a negative breadth, with 35 stocks losing value against only 20 gaining.
Ikeja Hotel topped the losers’ list, decreasing by 9.92 percent to close at N10.90, followed closely by United Capital with a 9.91 percent drop to N20 per share. Cutix and Multiverse Mining also faced losses of 9.84 percent and 9.74 percent, respectively.
On the gainers’ side, Nigerian Exchange Ltd. and Learn Africa each gained 10 percent, closing at N33.00 and N3.63 per share. Champion Breweries rose by 9.90 percent, finishing at N4.33, while ABC Transport and Tantalizer saw increases of 8.86 percent and 9.47 percent, closing at N1.56 and N2.08 respectively.
Throughout the trading day, 308 million shares valued at N7.231 billion were exchanged over 15,474 transactions, with Zenith Bank leading the trading volume and value, accounting for 32.37 million shares worth N1.56 billion during the session.
In summary, the Nigerian stock exchange faced mixed trading outcomes, with a notable decline in the All-Share Index influenced primarily by banking stocks. Despite a decrease in index value, the market capitalization showed a slight increase. The trading dynamics illustrated significant volatility, characterized by both considerable losses and gains among various stocks.
Original Source: gazettengr.com
