Nigeria’s equities market on Wednesday recorded its first decline this week as investors keenly awaited the outcome of the judgement of Presidential Election Petition Court (PEPC).

At the close of trading session on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased by 0.07 percent and N27billion respectively.

Profit taking in stocks like Vitafoam, Dangote Sugar, Champion Breweries led to the market’s negative close on Wednesday.

Read also: NGX ASI surpasses 68,000 mark

The NGX ASI and market capitalisation dropped from preceding day’s highs of 68,334.68 points and N37.400trillion respectively to 68,286.28 points and N37.373trillion.

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In 7,671 deals, investors exchanged 378,654,875 shares valued at N5.482trillion.
Oando, UBA, Transcorp, Access Corporation, and Omatek were most the trader stocks.

The market’s year-to-date return decreased to 33.24 percent.

Read also: NGX Group to pay interim dividend to shareholders

Vitafoam dropped most, from N25 to N22.50, down by N2.50 or 10percent. Dangote Sugar Refinery also dipped, from N70 to N66.65, losing N3.35 or 4.79percent and Champion Breweries which also dropped from N3.45 to N3.30, shedding 15kobo or 4.35percent.

Vetiva research analysts had ahead of Wednesday’s trading expected mixed sessions, “as the market awaits the outstanding earnings reports in that space”.

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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