• Thursday, May 23, 2024
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BusinessDay

Equities market fails to sustain gain

Nigeria’s rate hike further hurts stocks

Nigeria stock market moved back into the red zone on Thursday by 0.06 percent, a slight dip after it recorded the first gain this week on the preceding trading day.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) decreased from a high of 99,908.89 points the preceding day to 99,845.91 points, while the value of listed stocks decreased from N56.504 trillion to
N56.469trillion.

Investors sold mostly shares of United Capital Plc which decreased from preceding day’s high of N20.05 to N18.10, losing N1.95 or 9.73 percent.

Read also: Nigeria stock market emerges Africa’s best with 33.71% gain in two months

CWG also decreased from preceding day’s N6.30 to N5.70, down by 60kobo or 9.52 percent. Chams was also down from N1.86 to N1.69, losing 17kobo or 9.14 percent.

In 7,726 deals, investors exchanged
285,905,432 shares worth N5.542billion. Access Holdings, GTCO, UBA, Transcorp and Zenith Bank were actively traded stocks.

“Week-to-date (WtD) loss currently at 2.41 percent, with the banking sector accounting for majority of this week’s bearish performance. We expect another negative weekly close, amid slow recovery,” Vetiva Research analysts said.