Stock market sheds N262 billion
The Nigerian equities market closed Friday’s trading session on a bearish note, as investors lost N262 billion amid profit-taking in 26 stocks.
Market capitalisation declined from N163.104 trillion to N162.842 trillion, representing a 0.16 per cent decrease.
Similarly, the All-Share Index (ASI) fell by 403.40 points, from 251,211.67 to 250,808.27, representing a 0.16 per cent decline.
The downturn was driven by sell-offs in AIICO Insurance, Trans-Nationwide Express, Livestock Feeds, Livingtrust Mortgage Bank and ABC Transport among others.
Consequently, the market’s Year-To-Date (YTD) return weakened to 61.17 per cent.
Market breadth closed flat, with 26 stocks recording price gains while 26 others recorded losses.
PZ led the losers’ table, declining by 9.91 per cent to close at N66.40 per share. Etranzact followed with a 9.84 per cent decline, closing at N11, while Zichis Agro Allied Industries shed 8.29 per cent to N18.25.
FTN Cocoa Processors declined by 8.19 per cent to N7.62, while Royal Exchange lost 7.83 per cent to settle at N1.06 per share.
Conversely, AIICO Insurance and Trans-Nationwide Express led the gainers’ table, appreciating by 10 per cent each.
AIICO Insurance closed at N4.18 per share, while Trans-Nationwide Express finished at N2.97.
Livestock Feeds appreciated by 9.88 per cent to N8.90, while Livingtrust Mortgage Bank gained 9.87 per cent to close at N3.45.
ABC Transport also rose by 9.63 per cent, finishing at N7.40 per share.
Trading activity weakened during the session, with 557.15 million shares worth N27.57 billion exchanged in 53,450 deals.
The volume represented a 0.16 per cent decline from the previous session.
Access Holdings Plc dominated trading, accounting for the highest volume and value, with 183.56 million shares valued at N5.52 billion.
The stock accounted for 32.95 per cent of the total volume and 20.01 per cent of the total value traded during the session.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Economy
World Bank upgrades Nigeria’s growth outlook amid Tinubu’s reforms, urges job creation, poverty alleviation
It warned, however, that growth remained too weak to generate sufficient productive employment and significantly reduce poverty.
Showbiz
Actor Femi Adebayo unveils entertainment hub in Lagos
Nollywood actor and filmmaker, Femi Adebayo, on Tuesday unveiled an entertainment hub, a film and media production facility in Oregun, Lagos.
Politics
Tinubu’s door-to-door movement suspends campaign over plane crash
The President Bola Tinubu Door-to-Door Movement has suspended its campaign activities for one week following the killing of military operatives in an aircraft crash.
States
Gov Mbah appoints Richard Agu as transport commissioner
Mr Ozor resigned after an alleged Economic and Financial Crimes Commission probe into embezzlement of billions of naira.
Lagos
Yoruba leaders establish platform for unity, collective action
Yoruba leaders across socio-political and advocacy groups have established Yoruba Parapo as a central platform for unity, consultation and collective action.
Politics
Gov Idris buys house to relocate mosque in Malami’s Birnin Kebbi community
Governor Nasir Idris approved the purchase of a building to relocate a temporary mosque in the Go-Slow Road area of Birnin Kebbi, a community near Abubakar Malami’s family house.
