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Nigerian Stock Market Dips Further: NGX Loses N31bn Amid Investor Caution
Lagos, Nigeria – Trading activities on the Nigerian Exchange Limited (NGX) closed negative on Thursday, extending the market’s bearish run as investors reacted cautiously to recent financial reports.
Market Performance Highlights
The NGX market capitalization declined by N31 billion (0.05%) to close at N66.109 trillion, down from N66.140 trillion recorded on Wednesday. The All-Share Index followed suit, dropping 49.26 points (0.05%) to settle at 105,426.12.
Top Gainers and Losers
Market breadth closed negative with 29 decliners outweighing 23 advancers:
Biggest Losers:
- John Holt: -10% to close at N7.74
- Chams Holding: -8.52% to close at N2.04
- Secure Electronic Technology: -8.42% to close at 54k
- May & Baker Nigeria: -7.95% to close at N8.10
- UPDC REIT: -6.90% to close at N2.70
Top Gainers:
- FG202031S1: +12.09% to close at N97.52
- The Initiates Plc: +9.85% to close at N4.46
- Universal Insurance: +9.09% to close at 60k
- Mutual Benefits: +9.09% to close at 96k
- Royal Exchange: +8.99% to close at 97k
Trading Volume and Value
Total volume traded stood at 423.62 million shares valued at N9.181 billion across 11,393 deals. This represents a significant drop from Wednesday’s 5.760 billion shares worth N342.605 billion.
Most active stocks:
- Access Corporation: 64.962m shares (N1.430bn)
- Zenith Bank: 41.504m shares (N1.972bn)
- Fidelity Bank: 40.703m shares (N773.215m)
Expert Analysis
Tajudeen Olayinka, CEO of Wyoming Capital and Partners, expressed surprise at the market’s negative performance despite strong financial results from major banks like UBA and Zenith Bank.
“This appears to be reactionary behavior from some investors displeased with Zenith Bank’s dividend announcement and share price adjustment,” Olayinka noted. “We’re seeing elements of mispricing and misjudgment in the current market sentiment.”
The market’s reaction highlights the complex interplay between corporate earnings, investor expectations, and market psychology in determining stock prices.
This article summarizes market reports. For complete details, visit the original source.
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