Equities market dips further by 0.05% as FY’24 earnings trickle in

Nigeria’s equities market recorded another session of negative close on Thursday amid scarcity of positive triggers capable of keeping the market on the positive path.

The market decreased by 0.05 percent on Thursday, thereby strengthening the previous day’s negative. The market’s year-to-date negative return increased to 0.13 percent. Though this week, the market has risen by 0.42 percent.

At the close of trading session, investors in
12,160 deals exchanged 394,357,501 shares worth N22.777 billion. Stocks of GTCO, Zenith Bank, Access Holdings, UBA and Jaiz Bank were actively traded.

Read also: Equities market up 0.02% as mixed sentiment persists

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased to 102,788.2 points and N63.147 trillion respectively.

Morison led the laggards after decreasing from N4.01 to N3.61, losing 40 kobo or 9.98 percent. C & I Leasing followed from N4.34 to N3.91, losing 43 kobo or 9.91 percent.

Ikeja Hotel share price also moved down, from N13.50 to N12.30, losing N1.20 or 8.89 percent, Neimeth dropped N3.76 to N3.44, losing 32 kobo or 8.51 percent, while Sunu Assurance dropped from N5.98 to N5.50, shedding 48kobo or 8.03 percent.

“We foresee no catalyst on the horizon that could drive a tangible shift to the risk-off sentiment currently gripping the market”, according to Vetiva Research analysts who at ahead of Thursday’s trading anticipated another mixed session as FY’24 earnings trickle in.