Emmanuel OchayiThe Nigerian Exchange Limited witnessed a decline in the equity market on Tuesday, with the All-Share Index dropping by 0.48%, settling at 98,228.50 points.
This downtrend was propelled by losses incurred by FBN Holdings, Unity Bank, and Champion Breweries.
Investors experienced a collective wealth reduction of N269bn amidst subdued trading activities, as the market capitalization settled at N55.55tn. The total deals decreased by 9.45% to 9,620, with the value of trade declining by 6.76% to N8.35bn.
Despite the market’s downturn, there was a slight increase in traded volume, which edged up by 0.93% to 425.66 million units. The exchange recorded 15 gainers and 28 losers by the close of trading.
Sectoral performance leaned towards the bearish side, with the banking, insurance, and consumer goods sectors declining by 3.11%, 1.48%, and 0.66%, respectively. However, the oil/gas and industrial goods indices remained unchanged.
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Notable gainers for the session included JapaulGold, May & Baker, and Presco, each appreciating by 10%. United Bank for Africa emerged as the most traded security in terms of volume and value, with 102.23 million units, worth N2.68bn, transacted in 952 trades.
In response to the market performance, an investor, Mr. Adeola, expressed concern, stating, “The continuous decline in the equity market is worrisome. Investors are facing significant losses, and there’s a need for strategic measures to reverse this trend.”
UBA’s recent release of its annual report, showcasing a 110% growth in gross earnings in the first quarter of 2024, offers a glimmer of hope amidst the market’s current challenges.
