Stock Market Rollercoaster: What Went Down This Week
the stock market took a bit of a hit yesterday, losing a whopping N57 billion! It seems like a lot of investors were selling off their shares in companies like Stanbic IBTC Holdings and a bunch of others. As a result, the All-Share Index dropped by 104.29 points, which is a 0.15% decline, closing at 71,008.70 points. The market capitalisation also took a hit, going down by N57 billion to close at N39.051 trillion.
The main reason for this downturn was the drop in the prices of big and medium-sized stocks, including companies like Stanbic IBTC Holdings, Nigerian Breweries, Zenith Bank, CWG, and Nigerian Exchange Group.
United Capital Plc is feeling pretty positive about the market, saying that they expect the bullish vibes to keep going. They think it’s all about the big-cap stocks and that investors are still pretty keen on the solid stocks. But they also reckon that some investors might start cashing in on their gains, which could bring things down a bit.
On the bright side, 36 stocks gained while 15 took a hit. MeCure Industries was the top gainer, jumping up by 9.95% to close at N6.30 per share. Multiverse Mining and Exploration also did well, gaining 9.92% to close at N3.99, and Associated Bus Company rose by 9.88% to close at 89 kobo per share.
But it wasn’t all good news. R.T. Briscoe Nigeria was the biggest loser, dropping by 9.84% to close at 55 kobo per share. Prestige Assurance also took a hit, declining by 9.09% to close at 50 kobo, and Stanbic IBTC Holdings shed 7.08% to close at N65.00 per share.
The total volume of shares traded went down by 18.8% to 358.45 million units, valued at N4.36 billion, and exchanged in 6,551 deals. Access Holdings was the most active, with 27.583 million shares worth N474.629 million changing hands. AIICO Insurance and Universal Insurance were also in the mix, trading 21.931 million shares valued at N16.650 million and 21.733 million shares valued at N5.224 million, respectively.
Japaul Gold and Ventures and Veritas Kapital Assurance also saw some action, trading 21.241 million shares worth N37.212 million and 18.995 million shares worth N5.881 million, respectively.
