Stock market loses N84bn over sell-offs in banks, others

The stock market on the Nigerian Exchange Limited (NGX) declined further on Thursday, May 23, 2024, losing N84 billion due to continuous sell-offs in Tier-one banking stocks and other blue chips.

Major declines in stocks such as Guaranty Trust Holding Company (GTCO), Zenith Bank, United Bank for Africa (UBA), Cadbury Nigeria, Guinness, and Nigerian Breweries contributed to the negative trend.

As a result, the stock market capitalisation, which started at N55.508 trillion, dropped by 0.15 per cent to close at N55.424 trillion.

The All-Share Index also fell by 0.15 per cent or 150 points, settling at 97,978.02, compared to the previous day’s 98,128.00.

The Year-To-Date (YTD) return decreased to 31.03 per cent.

Interests in MTN, Transcorp boost stock market by N29bn

Market breadth remained negative with 28 gainers and 17 losers.

Among the top losers were Skyway Aviation Handling Plc, NEM Insurance, FTN Cocoa Processors, Tantalizers, and Japaul Gold Group, while C&I Leasing Plc, Caverton, Chams, Consolidated Hallmark Holdings Limited, and Veritas Kapital recorded gains.

Trade turnover increased by 41.67 per cent from the previous session, with 316.45 million shares valued at N7.70 billion exchanged in 7,852 deals.

UBA led in volume with 50.32 million shares valued at N984.76 million, followed by GTCO with 38.54 million shares valued at N1.43 billion, and Zenith Bank with 28.94 million shares valued at N878.76 million.

Transnational Corporation traded 21.64 million shares worth N225.98 million and Julius sold 17.64 million shares valued at N1.46 billion to lead the table in value.

The Star