Nigerian Stock Market Depreciates by 0.08%

Date:

June 20, 2024.

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Azonuchechi Chukwu.

The first trading session of this week also occurring after the Sallah break observed on Monday and Tuesday ended on a negative note on Wednesday at the Nigerian stock market with a 0.08 per cent loss.

The 0.14 per cent loss posted by the insurance index and the 0.09 per cent decline suffered by the consumer goods sector brought down the Nigerian Exchange (NGX) yesterday.

The bourse crumbled despite the 0.51 per cent rise posted by the banking space, the 0.08 per cent growth recorded by the energy counter, and the marginal 0.001 per cent gain achieved by the industrial goods sector.

As a result, the All-Share Index (ASI) went down by 84.93 points to 99,840.95 points from 99,925.88 points, and the market capitalisation decreased by N48 billion to N56.479 trillion from N56.527 trillion.

Investors sentiment remained strong yesterday despite the weak outcome, as the NGX printed 40 price gainers and 15 price losers, representing a positive market breadth index.

Caverton lost 9.62 per cent to trade at N1.41, ABC Transport depreciated by 9.52 per cent to 57 Kobo, Nigerian Breweries fell by 8.37 per cent to N29.00, Coronation Insurance depleted by 5.71 per cent to 66 Kobo, and AXA Mansard waned by 4.37 per cent to N5.25.

Conversely, University Press gained 10.00 per cent to close at N2.75, Guinness Nigeria appreciated by 9.96 per cent to N66.25, Champion Breweries increased by 9.83 per cent to N3.24, Honeywell Flour rose by 9.52 per cent to N3.45, and Veritas Kapital expanded by 9.46 per cent to 81 Kobo.

A total of 1.4 billion equities valued at N16.5 billion exchanged hands in 9,899 deals at midweek versus the 318.1 million equities worth N5.0 billion transacted in 7,302 deals last Friday, implying a jump in the trading volume, value, and number of deals by 334.92 per cent, 230.00 per cent, and 35.57 per cent, respectively.

Fidelity Bank traded 1.1 billion units worth N11.3 billion during the session to dominate the activity, followed by AIICO Insurance with 60.7 million units valued at N58.9 million, Veritas Kapital sold 55.7 million units for N44.3 million, UBA exchanged 21.6 million units valued at N480.5 million, and Zenith Bank transacted 15.3 million units worth N545.5 million.(www.naija247news.com).

Chukwu Azochukwu, The Naija247news
Chukwu Azochukwu, The Naija247newshttps://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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