The Nigerian Exchange Limited sustained a sliding profile at the end of yesterday’s transactions amid losses in many blue-chip stocks, especially FBN Holdings and Access Bank, causing market capitalisation to dip further by N191 billion.The Nigerian Exchange Limited sustained a sliding profile at the end of yesterday’s transactions amid losses in many blue-chip stocks, especially FBN Holdings and Access Bank, causing market capitalisation to dip further by N191 billion.
Analysts at United Capital Plc said: “We expect bargain-hunting activities to continue, with the recent release of a flurry of full-year 2023 audited financial statements, and corporate actions. Cutix rose by 9.62 per cent to close at N2.85 kobo while Mutual Benefits Assurance appreciated by 9.38 per cent to close at 70 kobo.
The total volume traded declined by 25.75 per cent to 405.026 million units, valued at N8.908 billion, and exchanged in 10,364 deals. Transactions in the shares of Access Holdings led the activity with 50 million shares worth N1.242 billion. United Bank for Africa followed with an account of 49.006 million shares valued at N1.370 billion, while Transnational Corporations traded 45.947 million shares valued at N612.799 million.
The Civil Society Legislative Advocacy Centre said that the substantial leakage of revenue has underscored the urgency of addressing tax expenditure and debt management issues with utmost priority.
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