Nigerian stock market loses N1bn amid downward trend

Bisola David
Bisola David

The market capitalization of the Nigerian Exchange decreased slightly to N55.87 trillion on Wednesday as a result of the muted trading activity.

The PUNCH reported that the investors lost N1 billion as the All-Share Index dropped 0.002 percent to 102,106.31 points at the end of trade.

Tuesday’s volume of trading was 494.19 million units; on Wednesday, it dropped to 341.92 million units, and the value of traded units fell to N6.41 billion, a 15.68% decrease.

In addition, the quantity of trades decreased to 9,665 deals, down 17.82% from the two trading days prior.

There were 19 winners and 36 losers in the market breadth, which is a gauge of investors’ sentiments.

Meyer Plc was the biggest gainer on the gainers’ chart, closing at N5.72 after a 10% appreciation; Tripple G gained 9.84% to conclude at N4.13, and Juli Plc’s shares appreciated by 9.09% to close at N0.84.

Leading the losers’ table were AIICO Plc, whose shares fell 9.92% to close at N1.18, Cadbury Nigeria Plc, whose shares fell 9.50% to N21.90, and Guinea Insurance Plc, whose shares fell 8.93% to N0.51 despite the company reporting a profit of N249.43m for the year ended 2023 following an N61.02m loss in 2022.

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