This week’s trading on the Nigerian stock market began with optimistic feelings, supported by bargain hunting in FBNH (+10.0%). As a result, the Nigerian Exchange All-Share index closed at 71,353.81 points, up 0.2% from Friday’s finish of 71,230.48.
As a result, the return for the year thus far (YTD) increased to 39.22%. But the total market capitalization closed at N39.040 trillion, down N132 billion, or 0.34 percent, from its opening value of N39.172 trillion.
The delisting of Union Bank of Nigeria (UBN) shares from the country’s stock exchange caused the market capitalization to decline.
The principal shareholder of Union Bank, Titan Trust Bank Ltd., declared in May that it intended to purchase minority shareholders’ shares of the bank. It declared a rise in the price at which the stakes of minority shareholders would be acquired from N7 per unit to N7.70. In 2022, Titan Trust Bank Ltd. bought the controlling stake in Union Bank, which is the second-oldest bank in Nigeria.
An analysis of the price movement chart showed that John Holt, Tantalizer and FBN Holdings led the gainers’ table in percentage terms with 10 per cent each to close at N1.87, 55k and N22 per share, respectively.
Multiverse followed with 9.98 per cent to close at N6.39, while SUNU Assurance gained 9.73 per cent to close at N1.24 per share.
Conversely, ETranzact topped the losers’ table in percentage terms, declining by 9.46 per cent to close at N6.70 per share. Unity Bank trailed with 9.24 per cent to close at N1.67 per share, and Omatek lost 9.09 per cent to close at 90k per share.
RTBriscoe lost 8.96 per cent to close at 61k, while Guinea Insurance declined by 5.88 per cent to close at 32k per share.
Universal insurance led the activity chart with an exchange of 161.09 million shares valued at N46.83 million. AccessCorp followed with an account of 81.51 million shares valued at N1.47 billion, while Unity Bank traded 67.65 million shares worth N116.87 million.
Veritas Kapital exchanged 45.91 million shares valued at N17.76 million, while Transcorp accounted for 44.47 million shares valued at N294.09 million. Naira Devaluation Deepens Economic Crisis in Nigeria
Trade volume increased by 163.90 million, representing 28.12 per cent as investors traded 746.67 million valued at N5.945 billion in 9,267 deals. This was against 582.77 million shares worth N4.27 billion exchanged in 6,874 deals on Friday.
