How Nigeria’s stock market shares dropped 1.2% – Report

Oluwanifemi Ojo
Oluwanifemi Ojo
The Nigerian Exchange Limited

The Nigerian Exchange Ltd. on Tuesday experienced a further decline in market indices by 1.2 per cent, continuing the trend of negative investment sentiments.

The News Agency of Nigeria reported that NGX All-Share Index dropped by 626.14 points or 1.2 per cent, closing at 53,124.63, down from 53,750.77 on Monday.

This led to a decrease in the year-to-date gain to 3.7 per cent.

The market capitalisation also dropped by N341 billion or 1.2 per cent to close at N28.940 trillion compared to N29.281 trillion recorded at the last trading.

The decline was mainly due to profit-taking in medium and large-capitalised stocks, including MTN Nigeria and Dangote cement.

According to the report, the market sentiment remained positive with 16 gainers compared to nine losers despite the drop.

PZ dominated the gainers’ chart by gaining 9.62 per cent to close at N11.40 per share, followed by International Energy Insurance with 9.42 per cent to close at N1.30, and Multiverse Mining and Exploration rising by 8.72 per cent to close at N3.24 per share.

FTN Cocoa Processors also went up by 7.69 per cent to close at 28k, while Regency Alliance Insurance appreciated by 6.9 per cent to close at 31k per share.

On the other hand, Chams led the losers’ chart, declining by eight per cent to close at 23k per share.

UACN followed with a decline of 5.76 per cent to close at N9, while MTN Nigeria declined by 4.29 per cent to close at N223 per share.

Dangote Cement lost 4.17 per cent to close at 276k, while Fidson Healthcare shed 2.95 per cent to close at N9.55 per share.

Investors bought and sold 202.85 million shares valued at N2.05 billion in 3,071 deals, resulting in a total trade volume decrease of 101 per cent.

Transcorp had the highest activity with 61.49 million shares valued at N85.31 million, followed by Fidelity Bank with 26.96 million shares worth N139.04 million.

Custodian & Allied Plc traded 19.97 million shares valued at N121.8 million, while Sterling Bank sold 18.65 million shares worth N29.37 million. Guaranty Trust Holding Company  transacted 11.74 million shares worth N291.14 million.

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