Nigerian Stock Market Drops by N638bn in the New Year

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The Nigerian Exchange Limited experienced its first depreciation in market capitalization for the New Year as the market cap declined by approximately N638 billion, settling at N44.885 trillion.

This downturn follows a day after the market cap surpassed the N45 trillion milestone.Banking stocks were particularly affected by the depreciation, with most experiencing losses.

However, Jaiz Bank bucked the trend, appreciating by 5.40% to N2.93, and Stanbic IBTC Holdings closed flat. Other winners for the day included stocks of Transcorp, AccessCorp, and Guaranty Trust Holding Company Plc.

Despite the market dip, the transaction volume rose to 1,641.28 million shares, compared to the previous day’s volume of 1,409.85 million shares, valued at N25.37 billion from 20,223 executed deals.

Source: PUNCH

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