• Wednesday, June 12, 2024
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Equities market dips as activity reverts to pre-buyback level

Total, Flour Mills, Access Holdings cause market’s N324bn gain as week opens

Nigeria’s stock market on Wednesday recorded its first decline this week (though slightly by 0.01 percent or N5 billion) as activity level on the local Bourse returned to where it was before the share buy-back Dangote Cement commenced on July 17.

No thanks to Geregu, Prestige Assurance, FTN Cocoa, Linkage Assurance and Jaiz Bank that led the league of laggards.

At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from the preceding day’s highs of 63,766.72 points and N34.721trillion respectively to 63,757.23 points and N34.716trillion.

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Geregu dipped the most, from N350 to N315, losing N35 or 10 percent. Prestige Assurance dropped from 50kobo to 45kobo, losing 5kobo or 10 percent.

FTN Cocoa dipped from N2.29 to N2.07, shedding 22kobo or 9.61 percent. Linkage Assurance decreased from 77kobo to 70kobo, down by 7kobo or 9.09percent, while Jaiz Bank also dropped from N1.88 to N1.71, shedding 17kobo or 9.04percent.

Japaul Gold, FCMB Group, Sterling Bank, Dangote Sugar and Fidelity Bank were actively traded stocks as investors in 7,403 deals exchanged 473,492,114 shares valued at N10.081 billion.

The market’s record negative close pushed down the year-to-date (YtD) return to +24.40percent.