The Nigerian stock market witnessed its first decline in the second half of the year, causing investors to lose a total of N672 billion. The Nigerian Bar Association (NBA) Section on Business had the honor of closing the trading session on Tuesday by ringing the historical bell.
The NGX All Share Index, a major indicator of the stock market, ended the day 1.99% weaker, closing at 60,715.04 basis points. Despite some gains made by companies like Presco (1.69%), FCMB (4.26%), and Transcorp Hotels (9.83%), the market remained in negative territory as MTN Nigeria declined by 1.80%, BUA Cement by 9.86%, and Zenith Bank by 3.83%. As a result, the Year-to-Date (YtD) return dropped to 18.47%, and the market capitalization fell by N672.03 billion, closing at N33.06 trillion.
Analysis of market activities revealed a lower trade turnover compared to the previous session, with the value of transactions down by 13.04%. A total of 1.11 billion shares, valued at N12.21 billion, were exchanged in 12,194 deals. FCMB led the volume chart with 180.75 million units traded, while Zenith Bank topped the value chart with deals worth N1.80 billion.
The market breadth closed negative, with the number of losers surpassing the gainers. PZ led the list of thirty-three (33) losers, while Eterna topped the list of nineteen (19) gainers.
During the bell ringing ceremony, Dr. Adeoye Adefulu, Chairman of the NBA Section on Business, expressed pride in partnering with the NGX to attract investors to the market. He emphasized the importance of promoting good corporate governance and working with regulatory bodies like the Securities and Exchange Commission. Adefulu also urged the government to implement investor-friendly policies to attract both local and foreign participation in the market.
Mr. Jude Chiemeka, Divisional Head of Capital Markets at NGX, welcomed the NBA Section on Business to the trading floor and wished them success in their upcoming 17th annual conference, highlighting their role in developing the market.
