Stock market records N37bn loss

The Nigerian stock market, on Friday, September 27, 2024, continued its downtrend with a 0.07 per cent loss, equivalent to N37 billion, driven by sell-offs in Tier-one banking stocks.

The Nigerian Exchange Limited (NGX) market capitalisation, having opened at N56.615 trillion, shed N37 billion to close at N56.578 trillion.

The All-Share Index (ASI) also dropped by 0.07 per cent or 65 points, ending the day at 98,458.68 points, down from 98,523.56 points.

The Year-To-Date return equally decreased by 31.68 per cent.

Sell pressure in Zenith Bank, FBN Holdings, FCMB Group, International Breweries, and Unilever, among others, dragged the market down.

Market breadth closed negative with 26 losers and 21 gainers on the floor of the Exchange.

On the losers’ chart, Caverton led by 9.76 per cent to close at N2.68, while Northern Nigeria Flour Mills trailed by 9.50 per cent to close at N31.90 per share.

Naira closes N1,540/$ at official market

UPL declined by 8.85 per cent to close at N2.37, McNichols dropped 8.57 per cent to close at N1.60, while International Breweries lost 6.96 per cent to close at N4.01 per share.

Conversely, Beta Glas led the gainers’ chart by 10 per cent to close at N48.96, and Meyer Plc followed by 9.93 per cent to close at N7.75 per share.

Deap Capital Management and Trust Plc advanced by 9.90 per cent to close at N1.11, while Ellah Lakes Plc gained 9.82 per cent to close at N4.92 per share.

Also, Abbey Mortgage Bank Plc rose by 9.65 per cent to close at N2.50 per share.

Analysis of the stock market activities showed trade turnover settled higher, relative to the previous session, with the value of transactions up by 0.72 per cent.

A total of 797.21 million shares valued at N6.66 billion were exchanged in 7,764 deals, as against 344.36 million shares valued at N6.61 billion traded in 9,005 deals on Thursday.

Meanwhile, Japaul Gold led the activity chart in volume and value with 591.19 million shares worth N1.47 billion.

The Star