Trading activities on the Nigerian stock market declined by N187 billion or 0.33 per cent on Wednesday, October 2, 2024, driven by sell-offs in MTN Nigeria and Tier-one banks.

The Nigerian Exchange Limited (NGX) market capitalisation, which opened at N56.635 trillion, lost N187 billion to close at N56.448 trillion.

The All-Share Index also shed 0.33 per cent or 327 points to close at 98,232.39, against 98,558.79  reported on Monday, September 30.

Consequently, the All-Share Index Year-To-Date return fell by 331.3 per cent.

Losses in MTN Nigeria, Guaranty Trust Holding Company (GTCO), FBN Holdings, Access Corporation, Dangote Sugar, and Transnational Corporation, among other declined equities, were the primary drivers of the market’s downturn.

Naira trades N1,669/$ at official market

Analysis of the stock market activities showed trade turnover settled lower, relative to the previous session, with the value of transactions down by 92.43 per cent.

A total of 425.76 million shares valued at N8.45 billion were exchanged by investors in 11,954 deals, in contrast to 1.86 billion shares valued at N111.58 billion were exchanged in 10,583 deals posted previously.

Market breadth also closed negative with 32 losers and 26 gainers.

On the losers’ chart, Ellah Lakes led by 9.93 per cent to close at N3.99 per share, while International Breweries led the gainers’ chart by 9.98 per cent to close at N4.41 per share.

United Bank for Africa (UBA), however, led the activity chart in volume and value with 108.02 million shares worth N3.01 billion.

The Star