Stock investors faced losses totaling N252 billion as the Nigerian Exchange sustained a bearish trend on Thursday, continuing a decline that began after the Easter holidays. The market witnessed a cumulative loss of about N467 billion between Tuesday and Thursday, attributed to the announcement of an increase in the capital base of banks in Nigeria.
By the close of Thursday’s trading session, the All-Share Index decreased by 0.43 percent to 103,736.08, while market capitalization also dropped by the same percentage to N58.65 trillion. Sector-wise, there was a mixed performance, with banking and industrial goods indexes declining by 2.67 percent and 0.09 percent, respectively, while insurance and consumer goods indexes saw advancements of 0.43 percent and 0.46 percent, respectively. The Oil/Gas sector remained unchanged.
Among the 23 gainers, Morison Industries Plc, SCOA, and International Energy Insurance stood out with gains of 9.84 percent, 9.77 percent, and 9.72 percent, respectively. Conversely, C&I Leasing led the 25 losers, with its stocks depreciating by 9.79 percent. Notably, Zenith Bank, Guaranty Trust Holding Company Plc, and United Bank for Africa played significant roles in the volume and value of traded equities during the session.
Source: Punch