The Nigerian stock market started the month of October 2024 on a bearish note, as investors suffered a significant loss of N187 billion.
This downturn, attributed to profit-taking activities in 32 stocks, left investors wary as the market closed with lower values across key indices.
The Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) dropped by 0.33%, losing 326.40 basis points to close at 98,232.39. Similarly, the market capitalisation shrank by N187 billion, closing the day at N56.448 trillion.
Sectoral performances mirrored the overall negative sentiment. The NGX Banking Index fell by 2%, while the NGX Oil & Gas Index dropped slightly by 0.1%.
On a brighter note, the NGX Consumer Goods Index and NGX Insurance Index showed some resilience, increasing by 1.1% and 1%, respectively. The NGX Industrial Goods Index, however, remained unchanged.
The breadth of the market reflected the bearish mood, with 32 stocks declining compared to 26 gainers. International Breweries led the gainers, rising by 9.98% to close at N4.41 per share. Meyer followed with a 9.94% increase to N8.52 per share, while Veritas Kapital Assurance appreciated by 9.93% to N1.66 per share.
Other notable gainers included Tripple Gee and Company (up 9.91%) and Deap Capital Management & Trust (up 9.84%).
Conversely, Ellah Lakes topped the losers’ chart with a 9.93% drop, closing at N3.99 per share. Other major decliners included Caverton Offshore Support Group, which fell by 9.92% to N2.18, and ABC Transport, which lost 9.57%, closing at N1.04 per share. Livestock Feeds and Consolidated Hallmark Holdings also recorded significant losses, declining by 9.03% and 7.24%, respectively.
Trading volume saw a sharp decrease of 77.24%. The value of shares traded stood at N8.45 billion, across 11,954 deals.
United Bank for Africa (UBA) led the activity chart with 95.24 million shares traded, valued at N2.67 billion. Veritas Kapital Assurance and Zenith Bank followed, with 22.43 million and 20.85 million shares, respectively.
