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Home BUSINESS & ECONOMY Capital Market Stock Market Falls As MTN, FCMB Stocks Depreciate

Stock Market Falls As MTN, FCMB Stocks Depreciate

SEC Warns Nigerians Against Investing In FinAfrica, Poyoyo

The Nigerian Exchange’s (NGX) key performance indicators slightly decreased on Thursday as the market capitalization, which opened at N25.959 trillion but closed at N25.957 trillion, lost N2 billion.

The All-Share Index (ASI) finished down by 3.4 points or 0.01 percent to conclude at 47,656.64 points compared to the 47,660.04 points recorded on Wednesday, according to trading data, while the year-to-date decline slowed to 11.6%.

Selling at MTN The decline in the market’s performance was caused by Nigeria Stock. However, 11 equities gained opposed to 9 losing ones, indicating a bullish market mood as indicated by market breadth. Small banks in Nigeria saw their shares fall.

The biggest price increase, 9.09%, was registered by UPDC Real Estate Investment Trust, which closed at N3 per share. After that, McNichols increased by 8.93% to close at 61k, while Japaul Gold and Ventures increased by 7.41% to conclude at 29k a share.

Nigerian Breweries had an increase of 7.14%, closing at 45k per share. Royal Exchange Assurance also increased, closing at 66k per share, up 4.76 percent. On the other side, Wema Bank lost 5.45 percent to conclude at N3.12 a share, while RT Briscoe fell 7.41 percent to close at 25k and Honeywell Flour Mill lost 7.89 percent to close at N2.10.

FCMB Group lost 4.18 per cent to close at N3.21, while Cutix Plc shed 3.46 per cent to close at N2.5 per share. Analysis of the market activities showed trade turnover settled higher relative to the previous session, with the value of transactions up by 115.63 per cent. A total of 172.90 million shares valued at N2.84 billion were exchanged in 3,073 deals.

Sectoral performance ended on a mixed note as the Banking (+2.2%) and Consumer Goods (+0.8%) indices recorded gains. Meanwhile, the Insurance (-0.1%) and Oil & Gas (-0.1%) indices declined. The Industrial Goods index remained flat. #Stock Market Slumps as MTN, FCMB Depreciate


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