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The Nigerian stock market faced a setback yesterday, losing N337 billion in market capitalization due to a sell-off in major stocks, particularly Oando Plc and 20 others.
This marked a reversal from the previous session’s gains, with the All-Share Index (ASI) dropping by 0.57%, a loss of 556.37 points, bringing it to 96,567.24 points. Consequently, the overall market value fell to N58.515 trillion.
The decline was attributed to price drops among key large- and mid-cap stocks, including Oando, United Bank for Africa (UBA), NASCON Allied Industries, Transnational Corporation (Transcorp), and Guaranty Trust Holding Company (GTCO).
Market sentiment was slightly negative, with 20 stocks advancing compared to 21 declining.
As measured by market breadth, market sentiment was slightly negative, as 20 stocks gained relative to 21 losers. Eunisell Interlinked emerged the highest price gainer of 9.87 per cent to close at N7.46, per share.
Regency Alliance Insurance followed with a gain of 9.30 per cent to close at 47 kobo, while Veritas Kapital Assurance rose by 9.17 per cent to close at N1.31, per share.
DAAR Communications increased by 8.93 per cent to close at 61 kobo, while FCMB Group added 7.73 per cent to close at N9.75, per share.
On the other side, UBA led the losers’ chart with 9.99 per cent to close at N31.55, per share. Oando followed with a decline of 9.98 per cent to close at N65.40, while Thomas Wyatt Nigeria shed 9.79 per cent to close at N1.75, per share.
NASCON Allied Industries declined by 7.83 per cent to close at N30.00, while Lasaco Insurance deprecated by 7.50 per cent to close at N2.22, per share.
The total volume traded fell by 88.4 per cent to 418.386 million units, valued at N10.041 billion, and exchanged in 9,021 deals. Transactions in the shares of Sterling Financial Holdings Company led the activity with 79.646 million shares worth N401.923 million.
UBA followed with an account of 78.933 million shares valued at N2.569 billion, while Access Holdings traded 44.398 million shares valued at N1.062 billion.
Jaiz Bank traded 43.635 million shares worth N98.914 million, while Veritas Kapital Assurance traded 25.278 million shares worth N32.473 million.