Equities market fails to sustain gain

Nigeria’s equities market rerouted to the negative zone on Thursday by 0.05percent while investors lost N17billion.

The negative close makes it the third decline this week as against one day gain. Week-to-date (WtD) the market has decreased by 1.17percent.
At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding day’s highs of 67,378.88 points and N36.876trillion respectively to 67,347.73 points and N36.859trillion.

This month, the market has increased by 1.20percent, while the stock market’s positive return year-to-date (YtD) stood lower at 31.41percent.

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Shares of Etranzact decreased most on Thursday, from N8 to N7.20, losing 80kobo or 10percent. It was followed by Ikeja Hotel which dropped from N3.05 to N2.75, losing 30kobo or 9.84percent, and ABC Transport which dipped from 92kobo to 83kobo, losing 9kobo or 9.78percent.

This is even as Chellaram led the gainers after rising from N3.50 to N3.85, gaining 35kobo or 10percent, while Learn Africa moved up from N3.01 to N3.31, adding 30kobo or 9.97percent.

UBA, Sterling Financial Holdings, CHI, Oando and Fidelity Bank were actively traded stocks on Thursday as investors in 8,810 deals exchanged 788,536,741 shares valued at N14.169billion.