Nigerian Stock Market Falls Deep Ahead Of Election Day

Stock Exchange Closes Trading Week With N30bn Gain

The Nigerian stocks market fell sharply Thursday, falling below N30 trillion as a result of continued profit-taking in the local marketplace. According to data from the Nigerian Exchange, losing streaks have reached the sixth consecutive session.

Key performance metrics have fallen as the year-to-date return has been moderate despite growing headline inflation and weakening local currency. The All Share Index (ASI) decreased by 574.59 absolute points, or 1.04 percent, to settle at 54,915.61 points.

Losses in medium and large-cap equities exacerbated the downturn, including Dangote Sugar Refinery, MTN Nigeria Communications (MTNN), Ecobank Transnational Incorporated (ETI), United Capital, and Industrial & Medical Gases Nigeria.

Market breadth remained negative, with 25 equities losing versus eight gainers. Chams Holding Corporation had the largest price increase of 8.7 percent, closing at $25,000 per share.

University Press gained 7.57 percent to settle at N1.99 per share, while LivingTrust Mortgage Bank gained 3.37 percent to conclude at N3.07 a share. Sterling Bank increased by 2.67 percent to N1.54, while Zenith Bank increased by 2.52 percent to N24.45 per share.

ETI, on the other side, topped the losers’ chart by 10%, closing at N10.80 per share. Industrial and Medical Gases Nigeria both fell 9.32 percent to settle at N7.30, while Royal Exchange down 8.22 percent to close at 67k per share.

R.T. Briscoe Nigeria down 7.69% to settle at 24k, while International Energy Insurance fell 6.92% to N1.21 per share.

Nevertheless, the overall volume of trades fell by 24.23 percent to 137.287 million units worth N1.510 billion and traded in 3,489 transactions.

Transnational Corporation (Transcorp) shares were the most actively traded, with 26.085 million shares valued at N33.979 million changing hands.

Zenith Bank followed with 14.721 million shares worth N353.890 million, while Sterling Bank traded 13.231 million shares valued at N20.019 million. United Bank of Africa (UBA) traded 10.242 million shares valued at N81.385 million, while Access Holdings transacted 7.626 million shares worth N66.201 million.

Sectoral performance was broadly negative, as the Banking (-1.0%), Insurance (-0.4%), Consumer Goods (-0.2%), and Industrial Goods (-0.1%) indices printed losses, while the Oil & Gas index closed flat. Overall, investors lost N313 billion in value as market capitalisation declined to N29.916 trillion.

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