Equity market closes year 2024 with N135bn loss

Transactions on the floor of the Nigerian Exchange Limited on Tuesday ended the year on a negative note, with the All-Share Index declining by 0.22 per cent to close at 102,926.40 points from the previous 103,149.35 points.

The total market capitalisation dropped by N135bn, closing at N62.76tn, marking the final trading day of the year, according to a data from NGX.

This brings the year-to-date gain to 37.01 per cent, the month-to-date gain for December 2024 to 5.47 per cent, and the week-to-date gain to 0.77 per cent.

An aggregate of 422.65m unit shares was traded in 8,427 deals, valued at N39.99bn, highlighting market activity despite the decline.

The market breadth closed positive, with 36 equities gaining while 28 equities recorded declines in share prices, reflecting a mixed sentiment among investors.

Topping the gainers chart, Prestige Assurance Plc, Beta Glass Plc, and Universal Insurance Plc each recorded a 10.00 per cent increase, closing at N1.21, N64.90, and N0.66, respectively. Okomu Oil Plc also advanced by 9.98 per cent, ending at N444.00 from N403.70, while Thomas Wyatt Plc gained 9.88 per cent, with its stock price rising from N1.72 to N1.89.

On the other hand, Union Dicon Salt Plc, Eterna Plc, and Champion Breweries Plc each recorded a 10.00 per cent loss, closing at N7.20, N24.30, and N3.81, respectively. PZ Cussons Nigeria Plc lost 6.90 per cent, dropping to N24.30 from N26.10, while Cadbury Nigeria Plc fell by 6.52 per cent, ending at N21.50 from N23.00.

In terms of trading volume, Access Corporation recorded the highest with 30.22m shares valued at N722.93m across 401 deals. Aradel Holdings Plc led the value chart, trading 21.62m shares valued at N12.91bn in 278 deals.

Other performers in value trades included Geregu Power Plc, which recorded 10.01m shares valued at N10.36bn, and Seplat Energy Plc, with 1.86m shares valued at N9.54bn.

The year ended with mixed investor sentiment, as gains in certain equities were overshadowed by losses in key stocks, reflecting cautious market activity amid economic uncertainties.