Business and Economy

NGX All share declines by 0.86% on Thursday

The NGX All-Share Index declined by 0.86% to close at 101,227.42 points today. The market was weighed down by continued selloffs in Tier-1 banking stocks such as ZENITHBANK (-2.17%), UBA (-2.58%), and ACCESSCORP (-3.58%), which outweighed the gains in GTCO (+1.91%). As a result, the market ended the day in the red and is on track to record its first weekly loss in 2024. The year-to-date return also slipped to 35.38%, and the market capitalization decreased by ₦480.78bn to close at ₦55.39trn.

Trade turnover was higher compared to Wednesday’s session, with the value of transactions increasing by 11.97%. A total of 478.38bm shares valued at ₦7.17bn were exchanged in 10,957 deals. UNIVINSURE (-7.569%) recorded the highest volume of trades with 42.77m units, while ZENITHBANK (-2.17%) led in terms of value with deals worth ₦1.12bn. STERLINGNG (-10.00%) was the top laggard among forty-nine others, while MEYER (+9.97%) led five others on the leader’s log.

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