Investors lose N267bn at stock market

The Nigerian stock market, on Thursday, September 26, 2024, reversed some gains from its previous sessions, leading to a loss of N267 billion from the portfolios of investors.

Selloffs in MTN Nigeria, Oando Plc, United Bank For Africa (UBA), Fidelity Bank, FCMB Group, Cadbury, and United Capital, among other declined stocks, drove the market to a negative terrain.

The stock market capitalisation closed at N56.615 trillion, having lost N267 billion or 0.47 per cent from an opening of N56.882 trillion.

The All-Share Index also declined by 0.47 per cent or 464 points to settle at 98,523.56 points, against 98,987.42 points reported on Wednesday, September 25.

Consequently, the Year-To-Date return fell by 31.76 per cent.

However, the market breadth closed positive with 29 gainers and 26 losers.

Stock market investors record N79bn gain

On the gainers’ log, FTN Cocoa led 28 other advanced stocks by 9.82 per cent to close at N1.79 per share.

Also, Caverton led 25 other declined stocks on the losers’ log by 9.83 per cent to close at N2.97 per share.

Analysis of the stock market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 47.44 per cent.

A total of 344.36 million shares valued at N6.61 billion were exchanged in 9,005 deals, compared to 603.31 million shares valued at N12.58 billion, traded in 9,723 deals posted in the previous session.

Meanwhile, UBA led the activity chart in volume and value with 29.18 million shares worth N756.09 million.

The Star