Market Capitalization Drops as FBN Holdings’ Losses Affect Nigerian Capital Market

The Nigerian capital market experienced a significant downturn on Wednesday as losses incurred by FBN Holdings resulted in a decline of N883.39 billion. The market capitalization dropped from N35.75 trillion to N34.87 trillion after five hours of trading.

The All-Share Index also witnessed a dip of 1,622.36 basis points, closing at 64,046.93 compared to the previous day’s figure of 65,669.29.

Despite the market losses, trading activity remained active, with investors exchanging 1.63 billion shares valued at N12.69 billion in 13,878 deals. This surpassed the previous day’s trading volume, which saw 844.71 million shares worth N9.41 billion traded in 8,922 deals.

Among the gainers, Deap Capital saw its share value rise by 10 percent, Courtville gained 10 percent, Gold Breweries recorded a significant gain, and TIP’s share price experienced a 9.80 percent increase.

However, Tantalizer topped the losers’ list, shedding 10 percent, followed by FBN Holdings, which witnessed a decline in share price by N2.15.

UBA led the day’s trading in terms of volume, with 177.79 million shares valued at N2.44 billion. Japaul Gold and Transcorp followed closely behind in terms of shares traded.

The market performance reflects the ongoing dynamics and fluctuations experienced in the Nigerian capital market, influenced by factors such as company performance, investor sentiment, and overall market conditions.

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