Nigeria’s Economy: Performance indices on stock exchange down 0.15%

The market breadth closed slightly negative, with 18 laggards and 17 leaders on the exchange floor.

News Agency of Nigeria • June 7, 2024

STOCK MARKET

The Nigerian Exchange Ltd. (NGX) recorded a negative performance on Thursday, losing N84 billion in market capitalisation.

Specifically, the market capitalisation lost N84 billion to close at N56.079 trillion, representing 0.15 per cent when compared to N56.163 trillion posted on Wednesday.

Consequently, the All-Share Index lost 0.15 per cent or 150 points to close at 99,134.85, having opened at 99,284.38.

As a result, the year-to-date return declined to 32.58 per cent.

Sell-offs in Transnational Corporation, Stanbic IBTC, Fidelity, May & Baker, Nigerian Breweries, and Ikeja Hotels, among other declined stocks, pulled the market’s performance down.

Also, the market breadth closed slightly negative, with 18 laggards and 17 leaders on the exchange floor.

On the losers’ chart, May & Baker led by 10 per cent to close at N6.03, and Fidelity Bank followed by 9.72 per cent to close at N9.75 per share.

Sovereign Trust Insurance lost 9.52 per cent to close at 38k, Stanbic IBTC Bank went down by 9.52 per cent to close at N52, and Sunu Assurances shed 6.98 per cent to close at N1.20 per share.

Conversely, Oando Plc led the gainers’ chart by 9.77 per cent to close at N14.05, Eterna trailed by 9.67 per cent to close at N14.75, and Veritas Kapital rose by 9.52 per cent to settle at 69k per share.

NEM Insurance also gained 8.75 per cent to close at N8.70 and Wapic Insurance added 6.25 per cent to close at 68k per share.

However, market analysis indicated that trade turnover settled higher relative to the previous session, with the value of transactions up by 10.74 per cent.

A total of 309.81 million shares valued at N5.39 billion were exchanged in 6,765 deals, compared to 308.14 million shares valued at N4.86 billion exchanged in 7,690 deals posted in the previous session.

Fidelity Bank led the activity chart in volume with 49.20 million shares valued at N483.14 million, Access Corporation followed by 42.38 million shares worth N728.80 million.

Oando sold 28.62 million shares worth N394.75 million, while Guinness traded 19.60 million shares valued at 975.58 million to lead the chart.

Veritas Kapital transacted 18.62 million shares worth N12.20 million.

(NAN)

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