Nigerian Bourse Drops 0.33 Per Cent

Zenith Bank: Nigerian Bourse Drops 0.33 Per Cent

The Nigerian Exchange Ltd.’s All-Share Index fell 0.33 per cent in the first trading session of the week, finishing at 46,687.85 points.

The 46,89.85 points reflect a 0.33 per cent drop from the 46,842.86 points obtained on April 1.

MTN Nigeria’s shares, as well as those of Tier-1 institutions such as First Bank of Nigeria Holdings, United Bank for Africa (UBA), Zenith Bank, and Access Bank Holdings, all contributed to the market’s poor performance.

As a result, the year-to-date (YTD) return has dropped to 9.30 per cent.

In addition, the market capitalisation fell by 83.57 billion to N25.17 trillion, down from N24.253 trillion on April 1.

”As expected, the market started off mixed with a slight recovery in market sentiment, as investors continue to trade in line with the earnings report. We anticipate further mixed sessions amid bargain hunting activities across the board,” said Analysts at Vetiva Research.

With 22 winners and 18 losers, the market breadth was favourable.

The gainers’ list was topped by Redstar Express, which rose 10% to N2.97 per share, followed by NAHCO, which rose 9.79% to N4.71 per share.

Meyer’s stock rose 9.72 per cent to close at 79 dollars per share, while Veritask’s stock rose 9.52 per cent to close at 23 dollars per share.

In addition, UPDC rose 9.21% to $83 per share.

Regal Insurance headed the losers’ table with a 9.68% decrease to 28k per share, followed by Japaul Gold, which fell 8.82% to 31k per share.

WAPIC was down 6.82 per cent to settle at 41 thousand shares, while Linkage Insurance fell 6% to close at 47k.

Jaiz Bank lost 5.71 per cent of its value, closing at 60 thousand rupees a share.

Total volume fell 14.7% to 219.5 million unit shares on April 1, down from 257.33 million on April 1.

In terms of value, trade fell 32.57 per cent to N1.93 billion in 5,168 transactions, down from N2.86 billion in 4,586 transactions on Friday.

Zenith Bank had the highest volume of traded stock, with 12.79 million units worth N278.4 million, followed by MTN Nigeria, which had 1.24 million units for N264.13 million.

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