BREAKING NEWS: Investors lose N672bn as stock market records first decline in H2’23

Investors yesterday lost N672 billion as the stock market recorded its first day decline in the second half of the H1’23.

This came as the Nigerian Bar Association, NBA Section on Business, on Tuesday were honoured to close the trading session with the historical ringing of bell.

Another major stock market indicator, NGX All Share Index also slipped as it ended 1.99% weaker to close at 60,715.04 basis points.

Meanwhile, market activities showed that Presco recorded gains of 1.69%, FCMB 4.26% and Transcorp Hotels 9.83% while MTN Nigeria declined by 1.80%, BUA Cement -9.86% and Zenith Bank dropped by 3.83% keeping the market in the negative terrain. Consequently, the Year-to-Date (YtD) return fell to 18.47%, while market capitalisation lost N672.03 billion to close at N33.06 trillion.

Analysis of the day’s market activities showed that trade turnover settled lower relative to the previous session, with the value of transactions down by 13.04%. A total of 1.11billion n shares valued at N12.21billion were exchanged in 12,194 deals. FCMB led the volume chart with 180.75million units traded while Zenith Bank led the value chart in deals worth N1.80 billion.

Market breadth closed negative with the mummer of losers i outnumbering gainers ones. PZ led thirty-three (33) others on the laggard’s table, while Eterna topped nineteen (19) others on the gainer’s log.

Speaking at bell ringing ceremony, the Chairman, NBA Section on Business, Dr Adeoye Adefulu said: “We are proud to partner with the NGX in order to attract investors to the market. As part of our activities to mark our to ring the closing bell. We are proud to work with the Exchange to promote good corporate governance. We also work with the Securities and Exchange Commission 17th annual international business law conference we were honoured in the area of rules making among others. Part of our expectations is to ensure the market operates in the best international standards that will attract both local and foreign participation. We do encourage government to come up with friendly policies that will attract investors to the market.”

Speaking as well, Mr Jude Chiemeka, Divisional Head, Capital Markets, NGX said: “We welcome the MBA Business Section to the floor as they have been our partner in developing the market. We wish them a successful outing in their forthcoming 17th annual conference.”