Friday, September 30, 2022

Stock market decreases further to lose N35 billion

The major drivers of the weak performance were Zenith Bank, First Bank of Nigeria Holding, Access Bank Holding and Stanbic Bank.

• September 16, 2022
Nigerian Exchange
Nigerian Exchange [Photo Creadit: Business Live Nigeria]

The Nigerian Exchange Ltd. (NGX) declined further on Friday as market capitalisation depreciated by N35 billion or 0.13 per cent, to close at N26.686 trillion from N26.721 trillion on Thursday.

Also, the All-Share Index (ASI) fell by 65.06 points or 0.13 per cent to 49,475.42 from 49,540.48 recorded at the previous trading.

The major drivers of the weak performance were Zenith Bank, First Bank of Nigeria Holding, Access Bank Holding and Stanbic Bank.

The market breadth ended with nine stocks gaining, while 13 were on the losers’ charts.

NEM Insurance led the gainers with 8.97 per cent to close at N5.59 per share.

Academy Press followed with an appreciation of 6.80 per cent to close N2.20 per share.

Japaul Gold and Ventures rose by 3.79 per cent to close at 28k, while Cadbury International garnered three per cent  to close at N13.75 per share.

Wema Bank gained by 1.76 per cent to close at N3.46 per share.

Conversely, Regency Alliance Insurance led the loser’s chat with a  depreciation of 7.41 per cent to close at 25k per share.

Unity Bank followed dropping by 6.98 per cent to close at 40k per share, while Access Bank Holding lost by 5.14 per cent to close at N8.30 per share.

Cornerstone Insurance declined by 4.76 per cent to close at 60k, while United Bank for Africa (UBA) shed 4.70 per cent to close at N7.10 per share.

Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions decreasing by 9.04 per cent.

A total of 107.49 million shares valued at N1.15 billion were exchanged in 3,303 deals.

FBNH Holding recorded the highest volume of 12.02 million traded shares valued at N120.67 million.

It was followed by Zenith Bank, which sold 11.97 million shares worth N235.91, while Access Bank holding transacted 11.35 million shares valued at N92.28.

Also, UBA traded 9.07 million shares valued at N66.45, while Guaranty Trust Holding Company (GTCO) transacted 6.68 shares worth  N131.55 million.

(NAN)

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