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NigeriaDecides2023

Conoil, NEM Insurance, other stocks drag market further south

Nigeria’s equities market further its journey to the south on Tuesday, no thanks to Conoil Plc, NEM Insurance Plc, Jaiz Bank Plc, RT Briscoe and University Press Plc that topped the sell-side of the Bourse.

The stock market’s benchmark performance indicator – Nigerian Exchange Limited (NGX) All-Share Index (ASI) decreased further by 0.23percent from preceding day high of 47,262.61 points to 47,154.35 points while the value of Nigeria’s listed stocks also decreased by N58billion, from preceding day’s N25.471trillion to N25.413trillion.

“Barring any block transactions, we are likely to see a tepid session tomorrow amid recoveries in some of the major sectors,” Lagos-based research analysts at Vetiva said in their March 8, note.

Read also: Stock market records first negative close this week

The stock market’s year-to-date (YtD) positive return printed lower at 10.39percent; while month-to-date (MtD), the market has decreased by 0.51percent.

Top on the laggards list are stocks like Conoil Plc which decreased most from a day-open high of N26.50 to N23.85, after losing N2.65 or 10percent; followed by NEM Insurance Plc which declined from N3.95 to N3.56, after losing 39kobo or 9.87percent.

Also, Jaiz Bank Plc share price dropped from 80kobo to 72kobo, losing 8kobo or 10percent; followed by RT Briscoe which decreased from 62kobo to 56kobo, shedding 6kobo or 9.68 percent and University Press Plc which was also down from N2.91 to N2.62, losing 29kobo or 9.97percent.

In 4,330 deals, investors exchanged 754,933,491 units valued at N3.637billion. Unity Bank Plc, GTCO Plc, UBA Plc, Zenith Bank Plc and Japaul Gold were most traded stocks on the Exchange.

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