Nigeria’s stock market on Wednesday routed further into the negative territory, decreasing by 0.87percent at the close of trading session.
The bulls failed to return to the market which had opened this new month in red despite analysts’ expectations of bargains especially on counters with improved first-quarter (Q1) financials that should boost investor interest.
Investors lost about N193billion at the close of trading, no thanks to banking, consumer goods and oil & gas stocks.
The record dip on the Bourse on Wednesday May 5 increased this year’s negative return which printed at – 2.02 percent.
The Nigerian Exchange (NGX) Limited benchmark index (All Share Index) moved down from preceding day high of 39,801.78 points to 39,456.64 points.
Also, the value of listed equities decreased from N20.830trillion to N20.637trillion. This month alone, the market has decreased by 0.96percent.
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In 4,554 deals, investors exchanged 349,558,809 units valued at N3.501billion. Stanbic IBTC holdings led the decliners’ league after its share price moved from N50 to N45, dipping N5 or 10percent; while Lasaco rallied most from N1.56 to N1.71, adding 15kobo or 9.62percent.
“After another day of negative activity, the ASI has kicked off the month on a negative note, however savvy investors continue to cherry pick fundamentally sound names amid sporadic market activity”, said Lagos-based Vetiva analysts. The analysts expect a more mixed session on Thursday, “with the likelihood of further selloffs remaining high”.
