Nigerian Stock Market Drops By N85 Billion

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Nigerian Stock Market Drops By N85 Billio

The Nigerian stock market suffered a setback yesterday, losing N85 Billion as significant declines in Stanbic IBTC Holdings Plc and 17 other companies reversed the previous day’s gains.

The All Share Index (ASI) fell by 149.53 points, a 0.15 percent drop, closing at 99,134.85 points. This led to a decrease in market capitalisation to N56.079 Trillion.

Losses were recorded primarily in medium and large capitalised stocks. Among the major decliners were Stanbic IBTC Holdings, Fidelity Bank, Nigerian Breweries, May & Baker Nigeria, and Transnational Corporation (Transcorp).

Market sentiment was slightly negative, with 17 stocks gaining while 18 stocks declined. Despite the overall downturn, there were notable gains among some companies.

Oando experienced the highest price increase, rising by 9.77 percent to close at N14.05 per share. Eterna followed with a 9.67 percent gain, ending at N14.75 per share. Veritas Kapital Assurance also saw a rise of 9.52 percent, closing at 69 kobo per share.

NEM Insurance appreciated by 8.75 percent to N8.70 per share, and Wapic Insurance increased by 6.25 percent to 68 kobo per share, showing positive movement among insurance stocks.

Conversely, May & Baker Nigeria led the losers, dropping by 10 percent to close at N6.03 per share. Fidelity Bank fell by 9.72 percent to N9.75 per share, and Sovereign Trust Insurance declined by 9.52 percent to 38 kobo per share.

Stanbic IBTC Holdings saw a decrease of 8.77 percent, closing at N52.00 per share. SUNU Assurance also declined by 6.98 percent, ending at N1.20 per share.

Trading activity saw a slight increase, with the total volume of shares traded rising by 0.5 percent to 309.806 Million units, valued at N5.385 Billion, across 6,765 deals.

Fidelity Bank topped the activity chart, trading 49.196 Million shares worth N483.140 Million. Access Holdings followed, with 42.385 Million shares valued at N728.795 Million changing hands.

Oando also saw significant trading activity, with 28.617 Million shares worth N394.750 Million exchanged.

Guinness Nigeria traded 19.569 Million shares valued at N975.581 Million, while Veritas Kapital Assurance sold 18.623 Million shares worth N12.199 Million.

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