The Nigerian stock market began the week on a negative note, with investors losing N93 billion on Monday, August 5, 2024.
The decline was driven by sell-offs in major stocks such as MTN Nigeria and Transnational Corporation (Transcorp).
The market capitalisation, which started at N55.497 trillion, decreased by N93 billion or 0.17 percent to close at N55.404 trillion.
The All-Share Index also dropped by 0.17 percent, shedding 163 points to settle at 97,582.41, compared to 97,745.73 recorded on Friday. Consequently, the Year-To-Date (YTD) return decreased to 30.50 percent.
Market breadth closed negative, with 25 stocks declining compared to 23 gainers.
On the losers’ table, Chams led with a decrease of 22k to close at N1.98, followed by UPL, which fell by 24k to close at N2.18, and The Initiative Plc, which lost 18k to close at N2 per share. Omatek also declined by 5k to close at 56k, and Champion Breweries went down by 25k to close at N3.01 per share.
Conversely, International Breweries led the gainers’ table, increasing by 42k to close at N4.62, while Presco Plc rose by N44.10 to close at N485.10 per share. Sovereign Trust Insurance saw a rise of 5k to close at 55k, United Capital gained N1.20 to close at N13.35, and Oando advanced by N2.50 to close at N27.80 per share.
Market activity analysis showed a significant increase in trade turnover, with the value of transactions rising by 57.36 percent. A total of 324.02 million shares valued at N6.22 billion were exchanged in 9,738 deals, compared to 210.91 million shares valued at N3.95 billion traded in 6,603 deals during the previous session. Zenith Bank led the volume and value charts, with 36.99 million shares worth N1.33 billion.
As the market continues to fluctuate, investors are closely monitoring these trends and adjusting their strategies accordingly.