Stock market reopens bearish as index dips by N289 billion

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Following losses recorded by most bluechip stocks, especially Dangote Sugar Refinery and Transcorp Power, trading on the Nigerian Exchange Limited closed on a downward note yesterday as market capitalisation declined by N289 billion.

Yesterday, market capitalisation of listed equities declined by 0.49 per cent to close at N58.879 trillion from N59.168 trillion reported the previous day.

On the other hand, International General Insurance and Dangote Sugar topped losers chart, dropping by 10 per cent each to close at N1.35 kobo and N53.10 kobo respectively. Jaiz Bank trailed with a loss of 9.92 per cent to close at N2.18 kobo, Ikeja Hotel dipped by 9.72 per cent to close at N5.85 kobo, Deap Capital down by 9.52 per cent to close at 57 kobo.

Volume of transactions also declined by 198.366 million, representing 39.27 per cent as investors traded 306.821 million shares valued at N11.383 billion in 9343 deals against 505.187 million shares worth N14.235 billion exchanged hands the previous day in 9574 deals. Following recent undersea cable cuts that challenged connectivity across countries in the West African region, Nigeria has called for a coordinated and multilateral approach to protect shared telecommunications infrastructure and diversification of connectivity to ensure uninterruptible connection.

Joint efforts are ongoing by the Nigeria Deposit Insurance Corporation and the Economic and Financial Crimes Commission to curb financial crimes in the banking sector of the economy. Foremost gender equity advocacy group in Nigeria, the Women in Energy Network , has expressed delight at the Oil and Gas Companies Executive Order 2024 signed by President Bola Ahmed Tinubu.

 

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