Investors lose N9bn at stock market

The stock market declined on Friday, April 26, 2024, with profit-taking in stocks such as Zenith Bank, Guaranty Trust Holding Company (GTCO), Wema Bank, Nigerian Breweries, and Nestle Nigeria, among others.

Following a flip-flop trading session, the market capitalisation which opened at N55,520 trillion, lost N9 billion or 0.02 per cent, to close at N55.511 trillion.

The All-Share Index also dropped 0.02 per cent or 16.4 points, to close at 98,152.91, in contrast to 98,169.30 recorded on Thursday.

The Year-To-Date (YTD) return on the index slipped to 31.27 per cent, while the market breadth closed negative with 19 losers and 18 gainers.

Meanwhile, Sovereign Trust Insurance led the losers’ log by 10 per cent to close at 36k, Regency Alliance Insurance trailed closely by 9.76 per cent to close at 37k per share.

Unity Bank lost 7.65 per cent to close at N1.69, Japaul Gold Group declined by 6.83 per cent to close at N1.91 and Wema Bank shed 6.72 per cent to close at N6.25 per share.

Stock market rebounds as investors gain N26bn

Conversely, FBN Holdings, Stanbic, NGX Group led the gainers’ log by 10 per cent each to close at N20.35, N49.50, N23.10 per share, respectively.

Livestock Feed followed closely by 9.93 per cent to close at N1.66, while Vitafoam Nigeria rose by 9.91 per cent to close at N18.85 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 22.92 per cent.

A total of 265.07 million shares valued at N5.02 billion were exchanged in 6,582 deals, as against 297.20 million shares valued at N6.52 billion exchanged in 7,417 deals posted in the previous session.

UBA led the activity chart in volume and value with 42.35 million shares traded in deals worth N980 million, followed by Access Corporation with 28.55 million shares worth N473.11 million.

The Initiative Plc sold 26.55 million shares worth N48.02 million, Zenith Bank traded 23.94 million shares valued at N788.67 million and GTCO transacted 16.55 million shares worth N592.20 million.

The Star