Investors lose N318bn at stock market

Bearish sentiment persisted at the Nigerian Exchange Limited (NGX) as the market capitalisation shed 318 billion or 0.54 per cent from N59.039 trillion to close at N58.721 trillion on Monday, November 4, 2024.

The All-Share Index lost 0.54 per cent or 524.3 points to close at 96,907.73, against 97,432.02 recorded on Friday.

The Year-To-Date (YTD) return consequently decreased to 29.60 per cent.

Selloffs in MTN Nigeria, Aradel, Oando, Guaranty Trust Holding Company (GTCO), FBN Holdings, and Zenith Bank, among others, drove the market’s performance down.

Market breadth closed negative with 30 losers and 17 gainers on the floor of the Exchange.

On the losers’ table, Caverton led by 10 per cent to close at N1.80, while Aradel trailed closely by 9.99 per cent to close at N401.10 per share.

Naira trades N1,676/$ at official market

Oando Plc lost 9.98 per cent to close at N80.70, FTN Cocoa declined by 9.90 per cent to close at N1.74, while Veritas Kapital dropped 9.86 per cent to close at N1.28 per share.

Conversely, JohnHolt and United Bank for Africa (UBA) led the gainers’ table by 10 per cent each to close at N3.63 and N31.90 per share, respectively.

Eunisell gained 9.96 per cent to close at N6.18, Sterling Nigeria added 5.96 per cent to N4.98, and PZ advanced by 4.55 per cent to close at N23 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 10.15 per cent.

A total of 1.22 billion shares, valued at N14.23 billion, were exchanged in 10,386 deals, compared with 888.80 million shares, valued at N15.84 billion, traded in 8,803 deals posted in the previous week.

UBA led the activity chart in volume and value with 240.76 million shares traded in deals worth N7.29 billion.

The Star