• Saturday, July 20, 2024
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Bears are strengthening position on Nigerian Bourse

Stock market opens week on a negative note

Nigeria’s equities market closed further in the red zone on Wednesday as investors continued to take profit on recent gains.

The over N1trillion gain recorded on the Bourse last month no doubt ushered in profit taking activities.

Despite unattractive fixed income yields, stock investors are pricing in disappointing Full Year 2020 scorecards of listed companies seen released on the Nigerian Stock Exchange (NSE).

Flour Mills led the league of laggards after its share price moved from preceding day high of N33 to N32, losing N1 or 3.03 percent, followed by GTBank which decreased from preceding day high of N33.75 to N33.05, down by 70kobo or
2.07 percent. Also, the share price of Lafarge Africa dropped from N28 to N27.55, losing 45kobo or 1.61percent.

Read Also: Nigerian Breweries, Lafarge, Ardova top Tuesday’s laggards on NSE

At the close of trading session on Wednesday, the Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased by 0.10percent from 42,043.79 points to 42,000.01 points, while the value of listed equities decreased from preceding day high of N21.993trillion to N21.970trillion, shedding N23billion.

The stock market’s year-to-date (ytd) positive return printed lower at +4.29percent. In 5,887 deals, investors exchanged 504,837,137 units valued at N5.310billion. UBA, GTBank, FCMB, Transcorp and Zenith Bank were actively traded stocks on the Bourse.