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Tuesday, May 28, 2024

Stock market extends loss, index drops further by 0.53%

The Nigerian stock market on Monday extended its losing streak by 0.53 per cent due to losses in Tier-One banking stocks.

Specifically, the market capitalisation, which opened at N57.864 trillion, shed N304 billion or 0.53 per cent to close at N57.560 trillion.

Similarly, All-Share Index fell by 0.53 per cent or 537.44 points to settle at 101,777.12, compared to 102,314.56 posted on Friday.

As a result, the Year-To-Date (YTD) return slipped to 36.11 per cent.

Losses in Tier-one banking stocks such as Guaranty Trust Holding Company (GTCO), FBN Holdings, Zenith Bank, Access Corporation, Jaiz Bank, as well as Transnational Corporation, among other decliners, drove the market to a negative terrain.

Also, market breadth closed negative with 32 gainers and losers.

On the losers’ log, Fidelity Bank led by N1, to close at N9.

Jaiz Bank followed by 22k to close at N2.05 and RT Briscoe dropped 5k to close at 54k per share.

Also, GTCO lost N3.20 to close at N38.20, while Universal Insurance trailed by 3k to close at 36k per share.

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On the flip side, UPDC Real Estate Investment Trust led the gainers’ chat by 13k to close at N1.43.

Morison Industries Plc followed with a gain of 25k to close at N2.81 per share.

NEM Insurance advanced by 85k to close at N10.40, while Daar Communications rose by 5k to close at 70k.

Oando Plc added 85k to close at N13.40 per share.

Analysis of the market activities indicated trade turnover settled lower relative to the previous session.

A total of 326.64 million shares valued at N7.17 billion were exchanged in 10,777 deals, as against 734.04 million shares valued at N21.59 billion in 12,491 deals on Friday.

On the activity table, United Bank of Africa (UBA) led in volume with 42.25 million shares traded in value of N1.11 billion, Transcorp followed with 27.56 million shares worth N396.17 million.

Access Corporation sold 24.62 million shares valued at N465.81million, Ondo traded 22.66 million shares worth N307.71 million and Fidelity Bank transacted 17.13 million shares worth N161.26 million. (NAN)

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Rukayat Adeyemi
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