The Nigerian stock market experienced a significant drop, losing N57bn in a single day, signaling a volatile trading period.

For the fourth session in a row, the Nigerian stock market experienced losses amounting to N57 billion due to continuous selling of prominent stocks such as FBN Holdings, Access Corporation and Transnational Corporation.

Starting at N55.188 trillion, the market capitalisation experienced a slight dip of 0.10 per cent or decreased by N57 billion to eventually close at N55.131 trillion.

Equally, the All-Share Index declined by 0.10%, which is equivalent to 99.24 points, and settled at a rate of 97,100.36 compared to the previous day’s close of 97,199.6%.

The YTD return decreased to 29.86 per cent as a consequence.

The Exchange experienced a continued negative market sentiment, as 31 stocks saw declines compared to only 14 gainers.

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At the end of trading, Oando recorded the highest decline as it dropped by 9.94% to close at N32.60 per share while ABC Transport trailed closely with a decrease of 9.52%, ending the day’s business activity at 76k per share.

Guinea Insurance had a decline of 9.09% and closed at 40k, along with Livestock Feeds Plc which also dropped by the same percentage to close at N2.20 as well as Computer Warehouse Group witnessing a decrease of 7.69% finishing off their day’s trading session closing on N5.40 per share – all deemed notable decliners in today’s market activity report.

Neimeth Pharmaceuticals had the highest gain of 9.55%, closing at N2.18 per share, while Total Plc came in second with an increase of 8.82% and closed at N511.9 per share on the gainers’ side.

The shares of AIICO Insurance increased by 6.54% and ended at a price of N1.14 per share, while C&I Leasing experienced a rise of 6.07% to close at N2.97 per share and UPDC appreciated by 4.92%, reaching the closing price of N1.28 per share.

Compared to the previous session, trading activity in the market experienced a decline of 35.71% in transaction value. During this period, only 271.26 million shares were traded at N3.52 billion across 7,233 deals as opposed to the prior session’s exchange of 315.30 million worth N5.48 billion through 8,365 transactions.

The volume chart was led by Veritas Kapital, which saw 33.38 million shares worth N40.73 million exchanged while Sterling Nigeria came second with 16.65 million shares traded at a value of N65.86 million.

In trades today, AIICO exchanged 16.37 million shares with a total worth of N18.32 million, whereas RT Briscoe carried out transactions involving 16.17 million shares valued at N28.56 million. GTCO had the highest value as it traded an amount of 15.94 million shares that were worth N725 .23million in total trading capacity for the day.’