Investors Lose N22bn, All Share Index Drops by 0.04%

Date:

July 2, 2024.

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Azonuchechi Chukwu.

The Nigerian stock market’s performance indices on Monday closed at 0.04 per cent weaker, making investors to lose N22 billion.

Specifically, the Nigerian Exchange Ltd.(NGX) market capitalisation, which opened at N56.602 trillion, shed N22 billion or 0.04 per cent to close at N56.580 trillion.

The All-Share Index also dropped 0.04 per cent or 37 points to settle at 100,020.83 as against 100,057.49 recorded on Friday.

As a result, the Year-To-Date (YTD) return fell to 38.28 per cent.

Meanwhile, the market’s poor performance was primarily driven by selloffs in Zenith Bank, United Bank For Africa (UBA), Fidelity Bank, Transnational Corporation, Nigerian Breweries, International Breweries, among other declined equities.

Market breadth also closed negative with 28 losers and 20 gainers on the floor of the Exchange.

On the losers’ table, ETranzact led by 10 per cent to close at N4.50, Fidson Healthcare followed by 9.70 per cent to close at N13.50 per share.

Cornerstone Insurance lost 9.52 per cent to close at N1.90, LASACO Assurance declined by 9.41 per cent to close at N2.31 per share.

UPDC Real Estate Investment Trust also went down by 8.26 per cent to close at five Naira per share.

Conversely, Linkage Assurance led the gainers’ table by 10 per cent to close at N1.10, Africa Prudential trailed by 9.76 per cent to close at nine Naira per share.

Unity Bank gained 9.74 per cent to close at N1.69, Wapic Insurance rose by 8.96 per cent to close at 73k, while Sovereign Trust advanced by 8.89 per cent to close at 49k per share.

Also, market analysis indicated that trade turnover settled lower relative to the previous session with the value of transactions down by 62.44 per cent.

A total of 274.68 million shares valued at N3.71 billion were exchanged in 10,112 deals, compared to 509.71 million shares valued at N9.88 billion exchanged in 7,945 deals posted in the previous session.

United Capital led the activity chart in volume and value with 26.64 millions shares worth N737.25 billion, followed by Linkage Assurance with 23.91 million shares valued at N26.30 million.

AIICO Insurance sold 14.21 million shares worth N14.32 million, Computer Warehouse Group transacted 11.45 million shares worth N89.40 million, while Universal Insurance traded 11.12 million shares worth N4.04 million.

In its market prediction for the week, Analyst at Cowry Asset Management Ltd., anticipated that the new trading quarter would commence strongly, albeit with mixed sentiment from market investors.

They noted that the market would focus on the forthcoming earnings reporting season and interim dividends from the banking sector and a few other companies.

According to the analysts, the changing market structure on the NGX continues as bargain hunters take advantage of recent pullbacks and corrections to buy into value.

They added that this is amidst an ongoing portfolio repositioning ahead of the second quarter numbers, ushering in the second half of the year.

“Investors are advised to seize opportunities in stocks with strong fundamentals,” the analyst noted.(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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