The Nigerian equities market began the week bearish as the first trading session of the week on the floor of the Nigerian Exchange Limited, NGX, saw the All-Share index slipping from 46,842.86 basis points by 155.01 or 0.33% to close at 46,687.85 points, the lowest point since 31 January 2022.
The Market Capitalization also declined by 0.33% or ₦84bn from ₦25,254trn to close at ₦25,170trn.
MTN NIGERIA COMMUNICATIONS PLC which declined by 0.93% and Tier-1 banks, FBN Holdings Plc which fell by 3.28%, UNITED BANK FOR AFRICA PLC BA which fell by 2.60%, ZENITH BANK PLC BANK which declined by 1.79% and ACCESS HOLDINGS PLC which declined by 1.03%, were the primary drivers of the overall market’s weak performance.
Analysis of today’s market activities showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 32.57% as a total of 219.50m shares valued at ₦1.93bn were exchanged in 5,168 deals.
TRANSNATIONAL CORPORATION OF NIGERIA PLC which upped 3.06% was the most traded stock by volume with 28.94m units of shares traded, while ZENITH BANK PLC which fell by 1.79%, was the most traded stock by value in deals worth ₦278.40m.
Market breadth closed positive with 22 advancing issues outnumbering 19 declining ones.
RED STAR EXPRESS PLC led the gainers with an upward move from a previous selling price of ₦2.70k per share to ₦2.97k per share by 0.27k or 10.00 percent.
NIGERIAN AVIATION HANDLING COMPANY PLC was next with a 0.42 or 9.79 percent gain on N4.29k per share to close at N4.71k per share.
Followed by MEYER PLC which increased from 0.72k per share to 0.79k per share by 0.07k or 9.72 percent.
Conversely, REGENCY ASSURANCE PLC led the decliners with a fall from 0.31k per share to 0.28k per share by 0.03k or 9.68 percent.
Followed by JAPAUL GOLD & VENTURES PLC which decreased in the price of share from 0.34k per share to 0.31k per share by 0.03k or 8.82 percent.
Then CORONATION INSURANCE PLC declined from 0.44k per share to 0.41k per share by 0.03k or 6.82 percent.
On sectoral performance, the Banking index fell 1.0%, Industrial Goods index fell 0.4% and Insurance index fell 0.3%.
While the Oil & Gas index gained 0.3% and Consumer Goods index upped 0.2%.
