The bearish trend persists in the equity market

Date:

Trading activities on the Nigerian Exchange experienced subdued conditions on Wednesday, resulting in a slight decrease in market capitalization to N55.87tn.

By the end of the trading day, investors incurred a loss of N1bn, with the All-Share Index declining by 0.002% to 102,106.31 points.

The trading volume slowed to 341.92 million units from Tuesday’s 494.19 million units, and the value of traded units decreased by 15.68% to N6.41bn.

 

The number of trades also decreased by 17.82% to 9,665 deals, following declines in the previous two trading days.

The market breadth, indicative of investors’ sentiments, remained negative, with 19 gainers and 36 losers.

 

Meyer Plc led the gainers with a 10% appreciation, closing at N5.72, while AIICO Plc topped the losers with a 9.92% depreciation, closing at N1.18.

Other notable gainers included Tripple G, which gained 9.84% to close at N4.13, and Juli Plc, whose shares appreciated by 9.09% to close at N0.84.

 

On the losers’ side, Cadbury Nigeria Plc dipped by 9.50% to N21.90, and Guinea Insurance Plc saw an 8.93% decline to N0.51, despite announcing a profit of N249.43m for the year ended 2023, compared to N61.02m in 2022.

Transcorp Plc, Guaranty Trust Holding Company Plc, and FBN Holdings emerged as the volume and value drivers for the day’s market trend.

 

 

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