Again, stock market loses N171bn

The Nigerian stock market capitalisation shed N171 billion or 0.31 per cent on Tuesday, July 30, 2024, closing at N55.545 trillion from an opening of N55.716 trillion.

The All-Share Index also dropped by 0.31 per cent or 302 points to close at 97,830.65, down from 98,132.15 recorded on Monday, July 29.

As a result, the Year-To-Date (YTD) return decreased to 30.84 per cent.

The market’s weakness was primarily driven by selling pressures in banking stocks, including Zenith Bank, Guaranty Trust Holding Company (GTCO), Access Corporation, FBN Holdings, Dangote Sugar, and Transnational Corporation, among others.

Market breadth closed negative, with 31 losers and 19 gainers on the floor of the Exchange.

Investors lose N118bn at stock market

On the losers’ chart, United Capital led 30 other declined equities by 9.92 per cent to close at N34.05 per share, while ABC Transport led 18 other advanced equities by 10 per cent to close at 77k per share.

On a breakdown of market activities, trade turnover settled lower relative to the previous session, with the value of transactions down by 8.11 per cent.

A total of 399.39 million shares valued at N8 billion were exchanged in 10.447 deals, compared to 379.13 million shares valued at N8.71 billion exchanged in 10.096 deals posted in the previous session.

Zenith Bank however led the volume and value chart with 44.24 million shares valued at N1.51 billion.

The Star