The Nigerian Exchange began the week on a bearish note, recording a loss of N8.62 billion on Monday. This decline was primarily driven by drops in shares of Caverton Offshore, Associated Bus Company, Nigeria Breweries, and 38 other stocks.
The All-Share Index fell by 0.02%, settling at 100,022.03 basis points, while the market capitalisation closed at N56.57 trillion. This dip brought the year-to-date performance down to 33.7%.
Despite the overall market loss, trading activity displayed a bullish trend, with more stocks gaining (41) than losing (15).
Caverton Offshore led the decliners, dropping 9.62% to close at N1.41 per share. Associated Bus Company followed, shedding 9.52% to end at N0.57, and Nigeria Breweries fell by 8.37% to N29.
Conversely, University Press topped the gainers’ chart with a 10% rise, closing at N2.75. Guinness Nigeria Plc also performed well, appreciating by 9.96% to N66.25.
In terms of trading volume, Ellah Lakes Plc dominated with 271,486,716 units traded across 34 deals. Guaranty Trust Bank (GTCO) was the most traded security by value, amounting to N1.94 billion in 636 deals. GTCO has announced plans to raise N400 billion through a public offer as part of its recapitalisation strategy.
Last week, the Nigerian equity market experienced a loss of N178 billion, with the All-Share Index and market capitalisation declining by 0.04% to close at 100,022.03 and N56.581 trillion, respectively.
