Market Capitalisation Drops 481bn, All-Share Index Decline by 0.86%

Date:

February 9, 2024.

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Azonuchechi Chukwu.

Bearish sentiment persisted on the equity market on Thursday with market capitalisation declining further by N481 billion, amid selloffs in Tier- one banking stocks

Consequently, the Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N55.871 trillion, shed N481 billion or 0.86 per cent to close at N55.390 trillion.

Similarly, the All-Share Index declined by 0.86 per cent or 878.65 points to close at 101,227.66, compared with 102,106.31 posted on Wednesday.

Consequently, the Year-To-Date (YTD) return slipped to 35.38 per cent.

The loss was driven by price depreciation in Tier-one banking stocks amongst which are; Zenith Bank, United Bank of Africa(UBA) and Access Bank Holdings.

Meanwhile, market breadth closed negative with 49 equities on the laggard’s table outnumbering six others on the leader’s table.

On the laggards’ table, Consolidated Hallmark Plc, Unity Bank, Sterling Nigeria and National Salt Company (NASCON) led in percentage terms of 10 each to close at N1.44, N2.52, N5.31 and N19.90 per share, respectively.

Eterna Plc trailed by 9.95 per cent to close at N22.10 per share.

On the other hand, Meyer Plc led the leaders’ table by 9.97 per cent to close at N6.29, Juli Plc followed by 9.52 per cent to close at 92k, while Tantalizers gained 4.76 per cent to close at 44k per share.

Also, Red Star Express Plc rose by 4.05 per cent to close at N3.85 and LASACO Assurance garnered N3.54 per cent to close at N2.63 per share.

On the activity table, Universal Insurance led with 42.77 million shares valued at N16.09 million, Transcorp followed by 41.54 million shares worth N528.07 million.

Zenith Bank sold 31.75 million shares valued N1.12 billion, while UBA traded 31.38 million shares worth N741.67 million and Access Corporation transacted 31.21 million shares worth N729.39 million.

However, analysis of the market activities showed trade turnover was higher than the previous session, with the value of transactions up by 11.97 per cent.

A total of 478.38 billion shares valued at N7.17 billion were exchanged in 10,957 deals, as against 341.92 billion shares valued at N6.41 billion exchanged in 9,665 deals on Wednesday. (www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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