Business and Economy

Stock market declined by 0.49% (N191.92 billion) on Thursday

The Nigerian stock market declined by 0.49% on Thursday to settle at 71,457.92 points. As a result, the market is expected to continue rising for another week. Consequently, market capitalization lost ₦191.92bn to close at ₦39.10trn, resulting in a year-to-date (YTD) return of 39.43%.

The market was negatively impacted by selloffs in Tier 1 banks, including ZENITHBANK (-2.35%), GTCO (-1.76%), and UBA (-0.45%), which outpaced gains in NB (+0.13%), INTERBREW (+5.63), and STERLINGNG (+1.83).

Trade turnover settled at a lower value than it did on Wednesday with a 15.64% decrease in transaction value. 7,096 transactions totaling 436.56 million shares at ₦7.55 billion were completed. With 52.73 million units traded, UNIVINSURE (+8.00%) topped the volume chart, and NB (+0.13) topped the value chart with trades totaling ₦1.39 billion. MULTIVERSE (+9.91%) led twenty-one (21) others in the leader’s log, while FBNH (-9.98%) topped twenty-six (26) others on the laggard’s table.

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