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Nigerian Stock Market Ends January on Bearish Note, Loses N1.068 Trillion

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The Nigerian stock market witnessed sustained bearish sentiments at the close of trading for the month of January, with notable losses incurred by several highly capitalised stocks, including MTN Nigeria Communications (MTNN) and Conoil. The market capitalisation experienced a significant dip of N1.068 trillion, concluding at N55.358 trillion.

The All Share Index (ASI) mirrored this decline, losing 1,955.69 points, equating to a 1.90% decrease, and settling at 101,154.46 points. The downturn was influenced by negative performances in medium and large capitalised stocks, with MTNN, Conoil, NASCON Allied Industries, Dangote Sugar Refinery, and Guaranty Trust Holding Company (GTCO) being notable contributors.

In terms of market breadth, the sentiment was predominantly negative, with 11 stocks gaining against 57 losers. PZ Cussons Nigeria and Tripple Gee and Company led in price gains, each recording an increase of 9.97%, closing at N33.10 and N3.42, respectively. Geregu Power followed closely with a gain of 9.69%, concluding at N568.

Conversely, Lafarge Africa, May & Baker Nigeria, Royal Exchange, Transnational Corporations (Transcorp), UPDC, Zenith Bank, and Sterling Financial Holdings Company were among the top losers, each experiencing a 10% decline in share prices.

Specifically, Conoil recorded a significant decline of 9.98%, closing at N101.00, while Japaul Gold & Ventures depreciated by 9.97%, settling at N2.62 per share.

The total volume of traded stocks saw an uptick of 15.44%, reaching 749.128 million units, valued at N22.492 billion, across 14,288 deals. Transcorp led the activity chart with 79.679 million shares valued at N1.062 billion, followed by United Bank for Africa (UBA) with 61.336 million shares worth N1.551 billion. Zenith Bank traded 61.176 million shares valued at N2.257 billion, Guaranty Trust Holding Company (GTCO) traded 47.913 million shares valued at N1.839 billion, and Access Holdings sold 43.489 million shares worth N1.044 billion.