Banking Sector Soars Despite N132B Market Cap Dip: First Bank Surges 10%

Nigerian Stock Market: Conoil, Oando, Others Tumble, As Access, Transcorp, UBA Soar

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The Nigerian Stock Exchange experienced notable shifts in market sentiment on Tuesday, with leading energy companies Conoil and Oando taking significant hits, while financial giants Access Holdings, Transcorp, and UBA soared to new heights.

This reshuffling in the equities landscape marked another day of dynamic trading in the Nigerian capital market.

The total equity capitalization in the Nigerian capital market saw a slight decline, falling to N36.47 trillion at the close of trading on Tuesday.

This figure represented a decrease of N126.1 billion or 0.34 percent compared to the N36.60 trillion recorded on Monday.

READ ALSO: Nigerian Stock Market Witnesses N241.8 Billion Loss As Caverton, Access, Oando among Top Losers

Simultaneously, the All-Share Index (ASI) took a dip, shedding 230.47 basis points to conclude the trading session at 66,652.17. This was a noticeable decline from the previous ASI figure of 66,882.64.

The ASI reflects the overall performance of the stock market and serves as a key indicator of market health.

Investors actively participated in the market, trading shares worth N4.52 billion in a total of 7,018 deals. While this level of trading activity is noteworthy, it fell short of Monday’s numbers when shareholders invested N5.44 billion in 408.19 million shares through 7,707 deals.

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Among the top gainers today was Cornerstone, which saw its share price rise by N0.15 kobo, moving from N1.50 kobo to N1.65 kobo per share. Consolidated Hallmark Insurance also had a strong showing, gaining N0.10 kobo to close at N1.10 kobo, surpassing its opening price of N1 per share.

UPDC REIT witnessed a boost in share price, increasing by N0.35 kobo from N3.55 kobo to N3.90 kobo per share. Beta Glass also made significant gains, posting a rise of N4.60 kobo, climbing from N46.70 kobo to N51.30 kobo per share.

Courtville experienced a notable increase of 9.09 percent, ending trading at N0.60 kobo from N0.55 kobo per share.

Conoil led the losers today, shedding N8.90 kobo, which caused its share price to drop from N89.10 kobo to N80.20 kobo per share. FTN Cocoa also saw a decline in share price, falling by N0.19 kobo to close at N1.72 kobo from N1.91 kobo per share.

Oando experienced a loss of N1.05, ending trading at N9.65 kobo from N10.70 kobo per share. Berger was not immune to the downturn, losing N1.10 kobo and falling from N12.75 kobo to N11.65 kobo per share.

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Lasaco’s share price also dropped from N2.02 to N1.85 kobo per share after losing N0.17 kobo during trading.

In terms of trading volume, Access Holdings took the lead with 49.97 million shares valued at N784.91 million. Transcorp closely followed with 48.53 million shares worth N291.18 million.

UBA was a strong performer, selling 45.71 million shares worth N787.37 million. Zenith Bank also saw active trading, with 21.57 million shares valued at N681.59 million changing hands. FTN Cocoa rounded out the list, selling 15.80 million shares valued at N28.12 million.

The Nigerian Stock Exchange continues to be a dynamic arena, reflecting both the challenges and opportunities that shape the nation’s financial landscape. As investors navigate these fluctuations, the market’s resilience remains a testament to its enduring appeal.

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