Yesterday, losses in Betaglass and NEM caused the Nigerian stock market to reopen on a downward trend, and market capitalization fell by N38 billion.
The All-Share Index (ASI) actually dropped by 69.41 absolute points, or 0.14 percent, to finish at 49,625.71 points. The market capitalization as a whole also decreased by N38 billion to conclude at N26.767 trillion.
Losses in medium- and large-capitalized stocks, including Beta Glass, Lafarge Africa, NEM Insurance, FBN Holdings (FBNH), and Fidelity Bank, had an impact on the decline.
Looking ahead, we anticipate modest market activity since investors will continue to stay away as stop rates on Nigerian Treasury Bills (NT-Bills) rise, according to United Capital Plc.
Market mood, as indicated by market breadth, concluded at par with 13 gainers and losers. The company that experienced the most price increase, 9.32%, to settle at N2.58 per share was Multiverse Mining and Exploration. Following closely behind, FTN Cocoa Processors increased by 6.67% to close at 32 kobo, and Chams Plc increased by 6.45% to close at 33 kobo.
Regency Alliance Insurance increased by 4.17 percent to close at 25 kobo per share, while Academy Press increased by 4.76 percent to conclude at N2.20.
To close at N1.50 kobo, Sterling Bank saw a 2.04 percent increase. At 57 kobo, AIICO had a 1.79 percent increase. The value of the Mansard increased by 1.12% to close at N1.80 kobo. To close at N1.08 kobo, TransNational Corporation of Nigeria earned 93%. To close at N5.65 kobo, Nigerian Aviation Handling Company saw an increase of 89%.
Beta Glass, on the other hand, topped the losers’ chart by 9.96% and closed at N46.10 per share. Following NEM Insurance, which plunged 7.96% to close at N5,20, and Japaul Gold & Ventures, which dropped 6.90% to settle at 27 kobo per share,
While FCMB Group lost 5.71% to settle at N3.30 kobo, Fidelity Bank dropped 6.58 to close at N3.41. To close at N1.53 kobo, NPF Microfinance Bank saw a 4.38 percent loss. To settle at N10.25 kobo, FBN Holdings lost 3.30 percent of its value. Lafarge WAPCO lost 2.81 percent of its value to settle at N24.20 kobo. Livestock closed at N1.16 kobo, down 1.69 percent. Jaiz Bank too had a loss of N1.18 kobo, closing at 84 kobo.
During this time, there were 3,377 transactions totaling 86.594 million units for N1.170 billion, a fall of 72.86 percent. Guaranty Trust Holding Company (GTCO) share transactions, totaling 19.471 million shares valued at N385.589 million, topped the list of activities.
Zenith Bank traded 5.915 million shares valued at N118.676 million, while Sterling Bank traded 6.213 million shares worth N9.351 million.
While Chams exchanged 5.634 million shares worth N1.868 million, Fidelity Bank traded 5.829 million shares worth N20.022 million.
