Mixed Trading Sentiments on Nigeria’s Stock Exchange

The Nigerian stock exchange experienced a mixed trading day, with the All-Share Index down 0.34% due to banking stock declines, even as market capitalization increased by N94 billion. Noteworthy losers included Ikeja Hotel and United Capital, while Nigerian Exchange Ltd. and Learn Africa emerged as top gainers. Total trades amounted to 308 million shares worth N7.231 billion, with Zenith Bank leading in volume and value.

Trading on the Nigerian stock exchange concluded on a mixed note, with the Nigerian Exchange Ltd All-Share Index declining by 0.34%, equivalent to a drop of 366.26 points, settling at 107,455.13, down from 107,821.39 recorded on Friday. Despite this, the market capitalization experienced a gain of N94 billion, or 0.14%, increasing from N67.193 trillion to N67.287 trillion.

The decline in the index was primarily attributed to price depreciation in banking stocks, such as First Bank of Nigeria Holdings, Guaranty Trust Holding Company, and United Bank for Africa. As a result, the market breadth reflected a negative trend, showing 35 stocks in decline while only 20 stocks gained.

Ikeja Hotel led the decliners, experiencing a 9.92% drop to close at N10.90, closely followed by United Capital, which fell by 9.91% to N20 per share. Other significant losers included Cutix, down 9.84% to N2.29, and Multiverse Mining, which decreased by 9.74% to N8.80 per share. Additionally, Africa Prudential experienced a decline of 9.40%, closing at N32.05 per share.

Conversely, notable gainers included Nigerian Exchange Ltd. and Learn Africa, both increasing by 10% to reach N33.00 and N3.63 per share, respectively. Champion Breweries rose by 9.90%, closing at N4.33, and ABC Transport increased by 8.86% to close at N1.56 per share, while Tantalizer saw a gain of 9.47%, closing at N2.08.

In total, approximately 308 million shares valued at N7.231 billion were traded across 15,474 transactions during the session. Zenith Bank led trading in both volume and value, with 32.37 million shares traded worth N1.56 billion.

In summary, the trading day on Nigeria’s stock exchange reflected mixed sentiments. A notable decline in the All-Share Index was accompanied by an increase in market capitalization. Key drivers of the market loss included depreciation in banking stocks, while some companies posted significant gains. Overall, trading activity was robust, with substantial shares exchanged.

Original Source: gazettengr.com