Investors lose N638bn as telco, banks’ shares depreciate

The Nigerian Exchange Ltd. closed trading on Wednesday, January 10, 2024 on a negative note, due to price depreciation posted by Tier-one bank stocks and some others.

Consequently, the All-Share Index declined by 1,167.46 or 1.4 per cent to close at 82,024.28, as against 83,191.84 recorded on Tuesday.

Similarly, the overall market capitalisation which opened at N45.523 trillion dipped N638 billion or 1.4 per cent to close at N44.885 trillion.

The market loss was driven by losses in MTN Nigeria, Zenith Bank and Guaranty Trust Holding Company (GTCO) among others.

However, the Year-To-Date (YTD) return rose by 9.7 per cent.

The market breadth closed negative, as 50 equities traded on the loser’s table, and 11 others on the gainer’s.

On the laggard’s chart, Caverton, Chams, May Baker, FTN Cocoa Processors and Consolidated Hallmark Insurance declined in percentage terms of 10, to close at N2.07, N2.16, N5.49, N1.98, N1.35k respectively.

Conversely, Cadbury led the leader’s chart by 9.92 per cent gain to close at N19.95 per share.

Veritas Kapital followed, appreciating by 9.76 per cent to close at 45k, while Linkage Assurance grew by 8.70 per cent to close at N1.50k per share.

Transcorp hotel trailed by 7.24 per cent to close at N100, while Prestige gained N6 to close at 53k per share.

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A total of 1.64 billion shares valued at N25.38 billion were exchanged in 20,223 deals.

Transactions in the shares of Transcorp topped the activity chart with 117.64 million shares valued at N1.54 billion.

Access Holdings followed by 116.64 million shares traded at N3.26 billion.

Also, Sterling Bank transacted 116.29 million worth N774.99 million, while Jaiz Bank sold 100.7 million shares valued N282.65 million.

AIICO Insurance garnered 91.79 million shares and traded at N127.86 million.

The Star