Stock market indices reverse positive trend, down by 0.13%


Lagos, Feb. 7, 2023

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Transactions on the Nigerian equity market on Tuesday suffered a reversal with market indicators deprecating marginally by 0.13 per cent.

Naija247news reports that the market capitalisation, which opened at N29.612 trillion, shed N37 billion to close at N29.575 trillion.

Also, the All-Share Index (ASI) dropped by 67.98 points or 0.13 per cent to close at 54,299.76 against 54,367.74 recorded on Monday.

Consequently, the ASI’s year-to-date (YTD) return decreased to 5.95 per cent.

The downturn was due to selloffs in stocks of industrial giant, Dangote Cement and losses in Zenith Bank and Access Holdings.

Sovereign Trust Insurance recorded the highest gain to lead the gainers’ table, growing by 10 per cent to close at 33k per share.

Linkage Assurance rose by 8.89 per cent to close at 49k, while International Energy Insurance gained by 8.08 per cent to close at N1.07 per share.

Industrial & Medical Gases appreciated by 4.55 per cent to close at N8.05 and Courteville Business Solutions increased by 4.08 per cent to close at 51k per share.

Conversely, McNichols led the losers’ chart, dropping by 8.96 per cent to close at 61k per share.

Prestige Insurance declined by 8.70 per cent to close at 42k and FTN Cocoa Processors dropped by 6.06 per cent to close at 31k per share.

Sunu Assurances fell by 5.88 per cent to close at 32k per share.

Similarly, the volume of shares traded depreciated by 58.84 per cent with an exchange of 200.04 million shares worth N7.62 billion exchanged in 4,380 deals.

A breakdown of the activity chart showed that Guaranty Trust Holding Company (GTCO) was investors’ delight, accounting for 50.89 million shares worth N127 billion.

It was trailed by Zenith Bank with 18.02 million shares valued at N452.44 million, while Chams sold 16.62 million shares worth N4.45 million.

United Bank for Africa (UBA) transacted 14.94 million shares valued at N125.39 million and Transcorp traded 14.17 million shares worth N18.79 million.  (

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Peter Okafor
Peter Okafor
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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