Market loses N32 billion as investors offload stocks
The Nigerian Exchange (NGX) continued its bearish run this week, declining by a marginal 0.07% to close with an All-Share Index of 99,051.02 points, down from yesterday’s 99,118.86 points. Equities lost N32 billion, as the market capitalization declined to N56.032 trillion, from yesterday’s N56.07 trillion. As part of the aftermath of yesterday’s Heritage Bank license revocation, Unity Bank has continued its downward trajectory, dropping 9.42%. This brings the bank’s total decline to 18.3% over two days, closing at N1.25. During the day, Unity Bank emerged as one of the most actively traded stocks, with approximately 20.529 million shares changing hands. This activity reflects massive selloff of the stock following the Central Bank of Nigeria’s recent actions against banks facing challenges similar to those of Unity Bank. There was a further decline in overall market activities, as there were 7,978 deals, compared to yesterday’s 8,082 deals. The turnover volume also declined by 9.3% to 316.923 million shares, from yesterday’s 349.590 million shares. Major market movers were Nigerian Breweries which gained 10%, Presco Plc which gained 9.99%, and Oando Plc which gained 9.65%, reflecting N26.78 billion, N26.70 billion, and N15.5 billion in equity gains respectively.https://nairametrics.com/2024/06/04/market-loses-n32-billion-as-investors-offload-unity-bank-stocks/