The Nigerian Exchange Limited continued its downward trend on Thursday, with the market capitalisation dipping by N31 billion. The All-Share Index fell by 0.05%, closing at 105,426.12 points, down from the previous day’s 105,475.38 points. The total market capitalisation dropped to N66.11 trillion from N66.14 trillion. Trading volume also saw a sharp decline, with 423.62 million shares worth N9.18 billion changing hands, marking a 67% drop in volume and a 27% fall in turnover from the prior session.
The losers’ chart was led by John Holt, which saw a significant 10% drop, closing at N7.74 per share. Other major decliners included Chams, which lost 8.52% to settle at N2.04, and Secure Electronic Technology, which saw an 8.47% drop to N0.54. May & Baker, UPDC, and Custodian Investment also recorded losses of up to 7.95%. On the other hand, The Initiates Plc was the top gainer, appreciating by 9.85%, followed by Mutual Benefits Assurance and Universal Insurance, both of which gained 9.09%.
In terms of trading volume, Access Holdings led the pack with 65 million shares traded, followed by Zenith Bank, Fidelity Bank, and Secure Electronic Technology. The overall trading activity saw a slight increase in the number of deals, with a 4% rise, despite the declines in market value and turnover. The market’s performance reflected a mixed sentiment among investors, with some stocks seeing significant gains amid the broader losses.
Sectoral indices showed a varied performance, with the Top 30 Index falling slightly by 0.01% but still recording a one-week gain of 0.59% and a year-to-date increase of 2.64%. Meanwhile, the Premium Index saw a 0.16% rise, bringing its year-to-date growth to 4.68%. Other indices, such as the Insurance and Industrial Indices, posted slight gains, while the Main Board and Consumer Goods Indices recorded losses. Despite the decline in overall market capitalisation, the Nigerian Exchange maintained a year-to-date gain of 2.43%.
Source: The sun