Nigeria’s Stock Market Declines Amid Investor Losses

On Tuesday, Nigeria’s stock market fell by 0.43%, resulting in a loss of N285 billion in market capitalization. The All-Share Index decreased by 454 points, with 31 stocks declining and 23 gaining. Mecure Industries led losses, while Livestock Feeds topped gainers. Overall trading volume and value decreased compared to the previous session.

On Tuesday, Nigeria’s stock market experienced a decline, with performance indices decreasing by 0.43 percent. The Nigerian Exchange Ltd. (NGX) market capitalization fell by N285 billion, settling at N66.484 trillion, down from N66.769 trillion a day prior. The All-Share Index also dropped by 454 points, finishing at 106,167.75 compared to 106,621.91 recorded the previous day.

The market breadth concluded negatively, indicating 31 losing stocks against 23 gainers. Notably, Mecure Industries suffered the largest drop at 10 percent, closing at N11.25. ABC Transport lost 7.98 percent, finishing at N1.50, followed by Daar Communications with a 7.46 percent decline to 62 kobo and Guinea Insurance down 7.35 percent to 63 kobo. Royal Exchange also fell by 7.32 percent, closing at 75 kobo.

On the positive side, Livestock Feeds led the gainers’ chart with a 9.93 percent increase, closing at N9.85. Cornerstone Insurance followed closely with a 9.25 percent rise to N3.19, while International Energy Insurance lifted 8.99 percent to close at N1.94. Smart Products Nigeria gained 8.33 percent to reach 39 kobo, and Lasaco Assurance rose by 7.55 percent to end at N2.85.

The trading session recorded a total of 324.59 million shares, valued at N7.918 billion, which was a decrease from the previous session’s 364.97 million shares worth N17.628 billion. Fidelity Bank led trading activity, with 29.387 million shares valued at N502 million. Access Corporation and Guaranty Trust Holding Company followed, trading 28.345 million shares worth N680 million and 28 million shares valued at N1.688 billion, respectively. Zenith Bank also contributed significantly with 22.359 million shares worth N1.067 billion, while Universal Insurance traded 16.194 million shares valued at N9.724 million.

The Nigerian stock market faced a downturn on Tuesday, indicating a challenging trading day characterized by a decline in both market capitalization and the All-Share Index. A significant disparity between losers and gainers was observed, with Mecure Industries suffering the most. Conversely, Livestock Feeds and Cornerstone Insurance emerged as significant gainers. Overall, trading activity diminished in terms of volume and value compared to the previous session, reflecting a cautious atmosphere among investors.

Original Source: www.premiumtimesng.com