Business and Economy

Stock market losses 0.53% on Monday

The Nigerian stock market saw more losses today as the All Shares Index dropped 0.53% to close at 101,777.12 points. The decline was mainly driven by losses in Tier-1 banking stocks such as GTCO (-7.73%), FBNH (-1.29%), and ZENITHBANK (-3.38%). Consequently, the year-to-date return decreased to 36.11%, and the market capitalization decreased by ₦303.95bn to end at ₦57.56trn.

Trade turnover declined compared to Friday session, with the value of transactions declining by 66.79%. A total of 326.64m shares valued at ₦7.17bn were traded in 10,777 deals. UBA (-4.94%) recorded the highest volume of shares traded with 42.25m units, while MTNN (+0.00%) led in terms of value with transactions worth ₦1.17bn. FIDELITYBK (-10.00%) was at the top of the list of decliners, along with thirty other stocks, while UPDC (+10.00%) led nine other stocks on the gainers’ list.

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