Nigeria: Stock Market Maintains Prof-Taking Momentum, Drops By N38bn

5 June 2024
This Day (Lagos)

The Nigerian stock market yesterday saw a negative close for the second trading day in the month of June 2024 as market capitalisation went down by N38 billion.

The All Share Index (ASI) depreciated by 67.84 basis points or 0.07 per cent to close at 99,051.02 basis points. Accordingly, market capitalisation declined by N38 billion to close at N56.032 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Zenith Bank, United Bank for Africa (UBA), FBN Holdings (FBNH), Ecobank Transnational Incorporated (ETI) and Custodian Investment.

Also, investor sentiment, as measured by market breadth closed negative as 17 stocks advanced, while 22 declined. Nigerian Breweries recorded the highest price gain of 10 per cent to close at N28.60, per share. Presco followed with a gain of 9.99 per cent to close at N293.90, while Oando rose by 9.65 per cent to close at N14.20, per share.

R.T. Briscoe Nigeria appreciated by 9.62 per cent to close at 57 kobo, while DEAP Capital Management & Trust up by 9.09 per cent to close at 48 kobo, per share.

On the other hand, Tantalizer led the losers' chart by 10 per cent, to close at 45 kobo, per share. International Energy Insurance followed with a decline of 9.71 per cent to close at N1.58, while UPDC declined by 9.70 per cent to close at N1.21, per share.

Unity Bank depreciated by 9.42 per cent to close at N1.25, while Chams Holding Company declined by 6.67 per cent to close at N1.40, per share.

However, the total volume traded decreased by 2.5 per cent to 347.389 million units, valued at N7.656 billion, and exchanged in 8,122 deals. Transactions in the shares of Veritas Kapital Assurance topped the activity chart with 59.175 million shares valued at N40.220 million. Fidelity Bank followed with 48.121 million shares worth N468.227 million, while Oando traded 27.959 million shares valued at N397.019 million.

Unity Bank traded 20.529 million shares valued at N25.923 million, while UBA sold 19.782 million shares worth N418.864 million.

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