The stock market yesterday had its first day of fall in the second half of H1’23, causing investors to lose N672 billion.
This occurred as the Nigerian Bar Association’s Section on Business and NBA, was honoured to ring a bell to end the trading session on Tuesday.
A key stock market indicator, the NGX All Share Index, also decreased, closing at 60,715.04 basis points, down 1.99%.
According to market activity, Presco gained 1.69%, FCMB gained 4.26%, and Transcorp Hotels gained 9.83%, while MTN Nigeria lost 1.80%, BUA Cement lost -9.86%, and Zenith Bank lost 3.83%, keeping the market in the red. The Year-to-Date return thus decreased to 18.47%, and the market capitalization dropped by N672.03 billion to finish at N33.06 trillion.
The value of transactions fell by 13.04% during the day, according to an analysis of the market’s activity.
Trade turnover also decreased in comparison to the previous session. In total, 12,194 transactions involved 1.11 billion N shares worth N12.21 billion. Zenith Bank topped the value chart with transactions of N1.80 billion, while FCMB topped the volume chart with 180.75 million units exchanged.
With more losers than winners, the market breadth ended up being negative. PZ outperformed 33 other competitors on the laggard’s table, while Eterna triumphed over 19 other competitors on the gainer’s log.
The Chairman of the NBA Section on Business, Dr. Adeoye Adefulu, remarked during the bell-ringing ceremony: “We are happy to work with the NGX in order to attract investors to the market. We ring the closing bell as one of our marking actions.
“We are honoured to collaborate with the Exchange to advance ethical corporate behaviour. We will collaborate with the Securities and Exchange Commission, and at the 17th international business law conference, we received recognition in a number of categories, including rulemaking.”
The Divisional Head of Capital Markets at NGX, Jude Chiemeka, added in his remarks: “We welcome the MBA Business Section to the floor as they have been our partner in the market’s development ad we send our best wishes for a successful event at their upcoming 17th annual conference.”
