Stock market records N371bn loss

Bearish sentiment dominated the Nigerian stock market on Tuesday, August 6, 2024, causing investors to lose N371 billion.

The market capitalisation shed N371 billion or 0.67 per cent to close at N55.033 trillion, against N55.404 trillion recorded on Monday, August 6.

The All-Share Index, which opened at 97,582.41, declined by 0.67 per cent or 654 points to close at 96,928.52.

Selloffs in BUA Cement, Guaranty Trust Holding Company (GTCO), and Transnational Corporation (Transcorp) underpinned the market’s weak performance.

Consequently, the Year-To-Date (YTD) return decreased to 29.63 per cent.

Investors lose N93bn at stock market

Market breadth closed positive with 30 gainers and 25 losers on the floor of the Exchange.

On the gainers’ table, NASCON and Academy Plc led by 10 per cent each to close at N32.45 and N2.20 per share, respectively.

Also, BUA Cement led the losers’ table by 9.99 per cent to close at N128.90 per share.

Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 8.32 per cent.

A total of 449.21 million shares valued at N6.74 billion were exchanged in 9,381 deals, in contrast to 324.02 million shares valued at N6.22 billion were exchanged in 9,738 deals posted in the previous session.

UBA led the activity chart in volume and value with 62.83 million shares traded in deals worth N1.34 billion.

The Star