Nigerian Stock market falls by N127 billion

Nigerian Stock market falls by N127 billion: Profit-taking, primarily in shares of Airtel Africa, caused the Nigerian stock market to reverse its three-day bullish trend on Thursday. Due to the market capitalization decreasing to N24.306 trillion from N24.433 trillion the previous day, investors made N127 billion or 0.52% gains.

As a result, the All-Share Index (ASI) dropped from 44.859.78 on Wednesday to 44,625.18, a loss of 234.6 points, or 0.52 percent. Consequently, the Year-to-Date (YTD) increase was a modest 4.5%. As 11 equities increased in value compared to nine declining ones, the market was in a good mood.

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With a gain of 8.7% per share to close at 25k per share, Regent Alliance Insurance topped the gainers’ leaderboard in percentage terms. Following closely behind, Sovereign Trust Insurance increased by 8% to close at $27,000 while Japaul Gold and Ventures increased by 7.41% to close at $29,000 per share.

UACN gained 4.07 percent to conclude at N8.95 per share, while Cornerstone Insurance increased by 4.17 percent to close at 50,000. Phamadeko, on the other hand, finished at N1.85 per share to lead the losers’ table in percentage terms by 9.76%.

Following Linkage Assurance, which fell by 9.3% to close at 39k, WAPIC Insurance fell by 8.33% to close at 33k per share. While AIICO lost 3.45% to settle at 56k per share, ABC Transport fell 7.41% to close at 25k.
With 4,041 transactions, the total amount traded fell by 22% to 153.52 million units worth N2.22 billion.

With 2,905 transactions, the total volume traded surged by 61.4% to 150.97 million units, worth $1.55 billion.

Source: NAN