Business and Economy

Nigerian stock market losses 0.18% (N66.59 billion) on Thursday

The Lagos stock exchange was once again dominated by bears as the NGX All-Share Index had a second straight loss, closing at 67,084.95 points after dropping by 0.18%. In particular, the market was driven down by selloffs in MTNN (-0.40%), ZENITHBANK (-0.75%), and GTCO (-1.55%), which offset gains in NESTLE (+2.94%), UBA (+0.27%), and ACCESSCORP (+0.59%). Nevertheless, the market is still expected to rise during the next week. As the market capitalization dropped by ₦66.59bn to settle at ₦36.86trn, the year-to-date (YTD) return decreased to 30.89%.

An examination of today’s market activity revealed that trade turnover settled at a greater level than it did in the previous session, with a 15.88% increase in transaction value. 5,205 transactions totaling 267.65 million shares valued at ₦5.11 billion were completed. With 39.83 million units traded, FIDELITYBK (-1.82%) topped the volume chart, while NESTLE (+2.94%) topped the value list with trades totaling ₦1.75 billion.

With a ratio of 1.73 to 1, the market breadth closed negative, with dropping issues outnumbering declining ones. On the laggard’s log, INTBREW (-9.78%) was ahead of eighteen (18) others, and on the leader’s table, UACN (+6.09%) was ahead of ten (10) others.

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