Stock market records N235bn loss amidst nationwide protest

All-Share Index, Sell-offs, Stock market investors

The Nigerian stock market experienced a bearish start to the month on Thursday, August 1, 2024, shedding N235 billion in value amid cautious investor sentiment triggered by the ongoing nationwide protest.

The stock market capitalisation reduced to N55.278 trillion from an opening of N55.513 trillion, having shed N235 billion or 0.42 per cent from investors’ portfolios.

The All-Share Index also declined by 0.42 per cent or 415 points to 97,359.76, in contrast to 97,774.22 posted on Wednesday.

The main decliners that led the market’s downward trend were FBN Holdings, MTN Nigeria, Dangote Sugar, Oando, Transnational Corporation, and FCMB Group, among others.

Despite the downturn, market breadth, however, closed positive with 22 gainers and 19 losers.

On the gainers’ table, United Capital led by 9.95 per cent to close at N11.05, while Africa Prudential and Cutix Plc trailed closely by 9.94 per cent each to close at N9.40 and N5.64 per share, respectively.

Tantalizers gained 9.52 per cent to close at 46k and UPDC Real Estate Investment Trust advanced by 8.99 per cent to close at N4.85 per share.

Investors lose N32bn at stock market

Conversely, Mecure led the losers’ table by 9.94 per cent to close at N8.15, while Thomas Wyatt followed by 9.74 per cent to close at N1.76 per share.

Wapic Insurance lost 8.24 per cent to close at 78k, Oando shed eight per cent to close at N23, and Dangote Sugar dropped 7.67 per cent to close at N34.30 per share.

Analysis of the market activities indicated trade turnover settled higher relative to the previous session, with the value of transactions down by 63.09 per cent.

A total of 565.12 million shares valued at N8.53 billion were exchanged in 6,821 deals, against 1.84 billion shares valued at N23.11 billion in 10,847 deals traded in the previous session.

Meanwhile, Fidelity Bank led the activity table in terms of volume and value with 372.91 million shares worth N3.94 billion, while United Bank For Africa (UBA) followed with 23.03 million shares worth N458.09.

Zenith Bank transacted 19.24 million shares valued at N651.44 million, Oando Plc sold 19.04 million shares worth N445.43 million, and Access Corporation traded 15.76 million shares valued at N289.55 million.

The Star