Business and Economy

The Stock market closes the day with a 0.09% loss

Nigerian stock market’s All-Share Index fell by 0.09% to settle at 72,389.23 points on Friday. The market’s poor performance was caused by selloffs in Tier 1 banks, including UBA (-1.83%), ACCESSCORP (-2.63%), and FBNH (-4.92%), which outweighed gains in ZENITHBANK (+1.92%), DANGSUGAR (+0.17%), and WAPCO (+0.34%).

As a result the ASI closed 1.18% higher week over week, marking its eighth straight week of gains, having gained in four of the five trading days this week. The market capitalization increased by ₦463.76bn on a weekly basis to close at ₦39.61trn, and the year-to-date (YTD) return increased to 41.42%.

The market had favorable performance throughout the week, driven by good performances in MTNN (+2.68% w/w), BUACEMENT (+0.52% w/w), and ZENITHBANK (+6.00% w/w), which outpaced losses in FBNH (-2.73% w/w), INTBREW (-2.22% w/w), and UNILEVER (-0.34 w/w).

Trade turnover settled at a lower level than it did on Thursday with a 9.49% decrease in transaction value. 6,016 transactions totaling 307.15 million shares valued at ₦6.57 billion were completed. Leading the value and volume charts with 51.08 million units traded in deals valued at ₦2.04 billion was GTCO (+3.40%). UNIVINSURE (-7.14%) led fifteen (15) others on the laggard’s log, while CADBURY (+9.93%) topped forty (40) others on the leader’s table.

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