Business and Economy

Stock market losses 1.30% on Tuesday

The Nigerian stock market continued its decline from the previous day, resulting in the All-Share Index dropping by 1.30% to end at 101,060.67 points. The negative sentiment in BUACEMENT (-9.98%), ZENITHBANK (-0.14%), and GTCO (-0.38%) offset the gains in GEREGU (+3.68%), WAPCO (+1.25%), and ETERNA (+6.17%), leading to a downturn in the market. As a result, the year-to-date return of the ASI decreased to 35.16%, while the market capitalization lost ₦729.16bn to close at ₦55.30trn.

An analysis of today’s market performance revealed that trade volume was lower compared to the previous session, with transaction value decreasing by 10.90%. A total of 256.16m shares valued at ₦6.63bn were traded in 8,783 deals. TRANSCORP (-5.80%) recorded the highest volume of shares traded at 39.75m units, while GEREGU (+3.68%) led in terms of transaction value with deals worth ₦1.11trn.

Market breadth ended negatively with a ratio of 6.00-to-1, indicating that declining stocks outnumbered advancing ones. HONYFLOUR (-10.00%) topped the list of losers among forty-one (41) others, while ETERNA (+6.17%) led the gainers among six (6) others.

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