Stock market records further negative

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation decreased further by 0.09percent or N26billion on Thursday.

Both performance indicators decreased from preceding day’s high of 52,209.06 points and N28.428 trillion to 52,161.24 points and N28.402trillion.

Lagos-based Vetiva research analysts had ahead of Thursday trading said they expect dividend re-investment and corporate actions to continue to drive interest in the banking sector.

“Also, in the absence of any significant decline in any of the heavyweights, we are likely to see market revert to a green close,” the analysts had noted.

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FCMB Group dipped most after its share price moved from N4.24 to N4, losing 24kobo or 5.66 percent.

It was followed by that of Access Corporation which dropped from a high of N10.60 to N10.20, shedding 40kobo or 3.77 percent.

Also on the top laggards list include Sterling Bank which decreased from N1.70 to N1.64, shedding 6kobo or 3.53 percent. Neimeth also dropped from a high of N1.50 to N1.45, losing 5kobo or 3.33 percent.

The market’s record negative close on Thursday has pushed the week-to-date (WtD) return further into negative of 0.58percent.

This month, the market has decreased by 0.46percent, while year-to-date (YtD) it has risen 1.78percent. In 5,539 deals, equity traders exchanged 477,371,882 shares valued at N5.240billion. Access Corporation, UBA, Fidelity Bank, GTCO and Zenith Bank were top-5 traded stocks on Thursday.