Stock Market Suffers N139.34bn Loss as Traders Return from Christmas Break – Informative Trust
The Nigerian stock market experienced a decline of N139.34 billion as trading resumed on Wednesday following the Christmas holidays. This decrease was driven by profit-taking, impacting the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalization, resulting in a 0.34% drop from the previous day’s 74,023.27 points and N40.507 trillion to 73,768.64 points and N40.367 trillion, respectively.
Despite this setback, the year-to-date return for the NGX ASI stands at 43.94%. Furthermore, the total volume traded increased by 2.27%, closing at N432.91m in value at N12.94bn, with a total of 8,901 deals taking place.
JAIZBank emerged as the most traded stock by volume, with N35.38m, while GEREGU was the most traded stock by value, with N6.06bn units traded.
At the close of the trading day, 38 gainers, 21 losers, and 61 unchanged stocks were recorded. Eterna, AXA Mansard Insurance, and Multiverse Mining and Exploration secured the top three spots among the gainers, with increases of 10.00%, 9.96%, and 9.95%, respectively. Meanwhile, UAC of Nigeria, Deap Capital Management & Trust, and Calverton Offshore Support Group found themselves among the top three losers, experiencing declines of -10.00%, -7.25%, and -6.59%, respectively.
Looking forward, analysts from Parthian Securities Limited provided insights into the market’s expected performance, expressing their anticipation of mixed sentiment at the subsequent trading session, coupled with mild profit-taking activities.
In conclusion, the stock market’s return from the Christmas break was marked by a significant loss, predominantly driven by profit-taking. This downturn serves as a reminder of the dynamic nature of the market and underscores the importance of investors staying informed and exercising caution in their trading decisions.
