• Thursday, July 25, 2024
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Academy, Neimeth, others cause market’s negative start to new week

Nigeria’s stocks move further south

Nigeria’s equities market started this new trading week on a bearish note, declining by 0.03 percent or N7billion due to sell-offs in about 31 stocks that declined as against 21 gainers.

Stocks that led the pack of laggards are Academy Press which decreased most on the Bourse from N1.44 to N1.30, after shedding 14kobo or 9.72percent.

It was followed by John Holt Plc which decreased from 86kobo to 78kobo, after losing 8kobo or 9.30percent of its day-open value.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) and market capitalisation was down to 47,545.86 points and N25.632trillion respectively from preceding trading day’s highs of 47,558.45 points and N25.639trillion. Year-to-date (YtD), the stock market’s positive return has decreased to 11.31percent.

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Also, Japaul Gold made the league of top laggards after decreasing from 33 to 30, shedding 3kobo or 9.09percent, while Neimeth Pharmaceutical dropped from N1.58 to N1.45, down by 13kobo or 8.23percent and Pharma Deko which decreased from N1.73 to N1.60, losing 13kobo or 7.51percent.

“Just as expected, market started off mixed with the sellers dominating the market. We anticipate continued demand in banking names like Fidelity and Access Holdings while investors continue to cherry pick attractive counters across board,” said analysts at Vetiva in their April 19 note. Other top traded stocks include MTNN, Omatek and RT Briscoe. In 5,790 deals, investors exchanged 365,453,508 deals, valued at N7.106billion.