Business and Economy

Stock market slumps to market forces, losses 0.46% on Wednesday

The Nigerian stock market today slumped to market forces as it lost 0.46% to settle at 65,687.16 points. As a result, the year-to-date (YTD) return decreased to 28.17%, while market capitalization fell by N186.85 billion to close at N35.75 trillion.

Despite increases in ZENITHBANK (+0.86%), SEPLAT (+10.00%), and STANBIC (+2.96%), the market’s performance was hampered by selloffs in telco heavyweight MTNN (-3.44%), FBNH (-4.87%), and WAPCO (-0.36%).

Trade turnover was lower than it was on Tuesday with the value of transactions falling by 3.77%. In 7,345 transactions, 500.43 million shares worth N7.14 billion were swapped. UBA (-0.67%) dominated the volume chart with 58.31 units moved, while ACCESSCORP (-4.72%) headed the value chart with N991.20 million in transactions. SEPLAT (+10.00%) led twenty-five (25) other companies on the leader’s board, while UNILEVER (-10.00%) led sixteen (16) other companies on the laggard’s board.

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