Business and Economy

Investors in the Nigerian stock market lost 0.36% on Friday

Investors in the Nigerian stock market lost 0.36% on Friday as the benchmark All-Share Index closed at 74,023.27 points. As a result, the ASI closed 2.26% higher week over week, marking its ninth straight weekly increase, having gained in four of the five trading days this week.

The market capitalization increased by ₦894.17bn w/w to end at ₦40.51trn, while the year-to-date (YTD) return increased to 44.43%.

The market’s poor performance was driven by selloffs in tier-1 banks, specifically ZENITHBANK (-1.94%), UBA (-1.54%), and telco heavyweight MTNN (-3.77%), which outweighed gains in GTCO (+0.12%), STANBIC (+0.46%), and DANGSUGAR (+1.68%).

The market had favorable performance throughout the week, driven by good performances in ZENITHBANK (+2.16% w/w), MTNN (+2.04% w/w), and AIRTELAFRI (+4.87% w/w), which outpaced losses in STANBIC (-1.67% w/w), NESTLE (-1.74% w/w), and NB (-5.01% w/w).

Trade turnover settled at a greater level than it did on Thursday with a 27.32% increase in transaction value. 6,333 transactions totaling 423.30 million shares, valued at ₦16.58 billion, were completed. With 41.94 million units traded, UNIVINSURE (+0.00%) dominated the volume chart, while GEREGU (+0.00%) headed the value chart with deals totaling ₦6.62 billion.

In the leader’s table, TRANSCOHOT (+10.00%) outscored thirty-one (31) others, while in the laggard’s log, INTBREW (-8.33%) led seventeen (17) others.

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