Business and Economy

Nigerian stock market sees further decline as ASI falls by 1.31% on Wednesday

The Nigerian stock market experienced a further decline in value today as the All-Share Index dropping by 1.31% to end at 100,582.89 points. The continuous sell-offs in Tier-1 banking stocks like FBNH (-9.97%), GTCO (-8.75%), and ZENITHBANK (-5.94%) offset the gains made by PZ (+10.00%), MANSARD (+1.53%), and NAHCO (+0.69%), leading to an overall market decline. Consequently, the year-to-date return on the index decreased to 32.76%, and the market capitalization decreased by ₦720.57bn to settle at ₦54.32tn.

Trade turnover was lower compared to Tuesday’s session, with transaction value decreasing by 4.80%. A total of 396.23m shares valued at ₦5.83bn were traded in 10,549 deals. TRANSCORP (-2.62%) recorded the highest volume of shares traded at 52.57m units, while ZENITHBANK (-5.94%) led in terms of transaction value with deals amounting to ₦1.00bn. NB (-10.00%) was the top loser among forty-nine (49) others, while PZ (+10.00%) emerged as the top gainer among three (3) others in today’s trading session.

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