The Nigerian stock market extended its losing streak on Thursday, July 11, 2024, by N188 billion or 0.33 per cent due to losses in some banking stocks and others.
The downward trend made it the sixth consecutive session, resulting in a loss of N188 billion for investors.
Bearish sentiment in stocks such as Seplat, Access Corporation, Fidelity Bank, Transnational Corporation, Africa Prudential, Oando, and Dangote Sugar contributed to the market’s decline.
As a result, the market capitalisation, which started at N56.456 trillion, dropped by N188 billion or 0.33 per cent to close at N56.268 trillion.
The All-Share index also fell by 0.33 per cent or 333 points to settle at 99,468.90, compared to the previous day’s close of 99,802.08.
The Year-To-Date (YTD) return decreased to 33.03 per cent.
Analysis of market activities indicated a decrease in trade turnover by 53.99 per cent compared to the previous session.
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Despite the decline, market breadth closed positive with 21 gainers and 18 losers on the Exchange floor.
Linkage Assurance led the gainers table by 9.80 per cent to close at N1.12, Daar Communications followed by 9.62 per cent to close at 75k per share.
Vitafoam Nigeria gained 7.61 per cent to close at N21.20, Livestock Feed Plc rose by 7.32 per cent to close at N2.20, and Mecure advanced by 4.49 per cent to close at N10 per share.
Conversely, Ikeja Hotel led the losers’ table by 9.29 per cent to close at N6.35, while Honeywell Flour trailed by 8.41 per cent to close at N3.16 per share.
Seplat Energy Plc lost 8.30 per cent to close at N3,480, Champion went down by 7.55 per cent to close at N3.06, and Sunu Assurances declined by 4.62 per cent to close at N1.24 per share.
A total of 269.73 million shares valued at N5.45 billion were exchanged in 7,126 deals, as against 935.15 million shares valued at N11.84 billion in 8,160 deals which were posted in the previous session.
Fidelity led the activity table in volume with 46.78 million shares worth N482.46 million, followed by Linkage Assurance with 32.12 million shares valued at N35.97 million.
Access Corporation transacted 23.23 million shares worth N445.71 million, Transcorp sold 22.14 million shares worth N266.06 million, and AIICO Insurance traded 15.63 million shares worth N17.25 million.
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