The Nigerian stock market opened with its bearish momentum to record N123 billion loss on Monday, November 25, 2024.
Sell-offs in Tier-one banking stocks namely, Guaranty Trust Holding Company (GTCO), Zenith Bank, and FBN Holdings, underpinned the market’s weak performance.
The stock market capitalisation, which opened at N59.292 trillion, shed N123 billion or 0.21 per cent to close at N59.169 trillion.
The All-Share Index also lost 0.21 per cent or 203 points, to close at 97,626.27, against 97,829.02 recorded on Friday.
Consequently, the Year-To-Date (YTD) return decreased to 30.56 per cent.
Market breadth also closed negative with 30 losers and 29 gainers.
Secure Electronic Technology Plc led the losers’ log by 9.84 per cent to close at 55k, while Daar Communications trailed by 9.68 per cent to close at 56k per share.
Austin Laz & Company dropped 9.40 per cent to close at N2.41, Guinea Insurance declined by 9.09 per cent to close at 50k, while LASACO Assurance lost 8.63 per cent to close at N2.33 per cent.
On the gainers’ log, Haldane McCall led by 10 per cent to close at N5.61 and Sunu Assurances followed by 9.81 per cent to close at N3.47 per share.
Naira trades N1,675/$ at official market
NCR Nigeria added 9.72 per cent to close at N4.74, Sovereign Trust Insurance advanced by 9.52 per cent to close at 69k, while Tantalizers went up by 9.32 per cent to close at N1.29 per share.
However, the stock market activities ended with trade turnover up 75.37 per cent.
A total of 671.26 million shares valued at N10.64 billion were exchanged in 10,464 deals, compared with 366.62 million shares valued at N6.07 billion traded in 9,677 deals, posted previously.
FBN Holdings led the activity log-in volume and value with 245.25 million shares worth N6.23 billion.
In a prediction of the market performance for the week, analysts at Cowry Asset Management Limited stated that the market is likely to trade in mixed directions.
Analysts explained that this would be a result of investors’ reaction to the anticipated decisions from the MPC, which would shape interest rate expectations and broader investment strategies.
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