Lagos, Sept. 26, 2024 (NAN) — The stock market experienced a downturn on Thursday, reversing some gains from previous sessions and resulting in a loss of N267 billion from investors’ portfolios. Notable selloffs in MTN Nigeria, Oando Plc, United Bank for Africa (UBA), Fidelity Bank, FCMB Group, along with declines in Cadbury and United Capital contributed to the market’s negative performance.
Thank you for reading this post, don't forget to subscribe!The market capitalisation closed at N56.615 trillion, reflecting a decline of N267 billion or 0.47% from the opening value of N56.882 trillion. The All-Share Index also fell by 0.47%, or 464 points, to settle at 98,523.56 points, down from 98,987.42 points reported on Wednesday. Consequently, the Year-To-Date return has dropped by 31.76%.
Despite the overall decline, the market breadth closed positive with 29 gainers and 26 losers. FTN Cocoa topped the gainers’ list, rising by 9.82% to close at N1.79 per share. Conversely, Caverton led the losers’ chart, dropping by 9.83% to settle at N2.97 per share.
Analysis of market activities indicated a decrease in trade turnover compared to the previous session, with transaction values down by 47.44%. A total of 344.36 million shares valued at N6.61 billion were exchanged in 9,005 deals, a drop from 603.31 million shares worth N12.58 billion traded in 9,723 deals the day before.
UBA led the activity chart in both volume and value, with 29.18 million shares worth N756.09 million changing hands.
