Conoil drives stock market’s negative start to new week

Nigeria’s equities market kicked off the new trading week on a slightly negative note, after decreasing by 0.07percent or N20billion on Monday July 4.

The record negative on the Nigerian Bourse was driven by laggards led by Conoil Plc which lost N2.85 or 9.90percent, from N28.80 to N25.95; followed by Red Star Express Plc which also dropped from a high of N2.75 to N2.50, shedding 25kobo or 9.09percent.

“This week, we expect continued bargain hunting as investors look forward to the first-half (H1) 2022 earnings season and will seek to take high-yield positions.

“Still, we maintain that the broader equities market will remain on a bearish trajectory pending the release of H1-2022 results,” analysts at Lagos-based United Capital had said in their July 4 note to investors.

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The negative close on Monday caused the market’s positive return year-to-date (YtD) to print lower at 21.24percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding trading day’s highs of 51,829.67 points and N27.941trillion respectively to 51,791.45 points and N27.921trillion.

In 4,899 deals, investors exchanged 194,121,466 units valued at N2.822billion. Transcorp, GTCO, UBA, AIICO, FBN Holdings were most traded stocks on the Nigerian Exchange Limited.

Subscription for the Savings Bond, which guarantees quarterly coupon payments, re-opened on Monday July 4 and will remain open for four days till Friday July 8. The 2-Year FGN Savings Bond due July 13, 2024 is offers at a coupon of 8.075percent per annum; while the 3-Year FGN Savings Bond due July 13, 2025 is offered at a coupon of 9.075percent per annum.