Opening the week and second quarter of the year, the Nigerian stock market’s performance indices on Monday, July 1, 2024, closed at 0.04 per cent weaker, making investors to lose N22 billion.

The stock market capitalisation, which opened at N56.602 trillion, shed N22 billion or 0.04 per cent to close at N56.580 trillion.

The All-Share Index also dropped 0.04 per cent or 37 points to settle at 100,020.83 as against 100,057.49 recorded on Friday.

As a result, the Year-To-Date (YTD) return fell to 38.28 per cent.

Meanwhile, the market’s poor performance was primarily driven by selloffs in Zenith Bank, United Bank For Africa (UBA), Fidelity Bank, Transnational Corporation, Nigerian Breweries, International Breweries, among other declined equities.

Market breadth also closed negative with 28 losers and 20 gainers on the floor of the Exchange.

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On the losers’ table, ETranzact led by 10 per cent to close at N4.50, Fidson Healthcare followed by 9.70 per cent to close at N13.50 per share.

Cornerstone Insurance lost 9.52 per cent to close at N1.90, LASACO Assurance declined by 9.41 per cent to close at N2.31 per share.

UPDC Real Estate Investment Trust also went down by 8.26 per cent to close at five Naira per share.

Conversely, Linkage Assurance led the gainers’ table by 10 per cent to close at N1.10, Africa Prudential trailed by 9.76 per cent to close at N9 per share.

Unity Bank gained 9.74 per cent to close at N1.69, Wapic Insurance rose by 8.96 per cent to close at 73k, while Sovereign Trust advanced by 8.89 per cent to close at 49k per share.

Also, market analysis indicated that trade turnover settled lower relative to the previous session with the value of transactions down by 62.44 per cent.

A total of 274.68 million shares valued at N3.71 billion were exchanged in 10,112 deals, compared to 509.71 million shares valued at N9.88 billion exchanged in 7,945 deals posted in the previous session.

United Capital led the activity chart in volume and value with 26.64 million shares worth N737.25 billion, followed by Linkage Assurance with 23.91 million shares valued at N26.30 million.

AIICO Insurance sold 14.21 million shares worth N14.32 million, Computer Warehouse Group transacted 11.45 million shares worth N89.40 million, while Universal Insurance traded 11.12 million shares worth N4.04 million.

The Star