• Tuesday, November 28, 2023
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Equities market records first decline this week

Okomu, Eterna, other stocks cause NGX negative start to new week

Nigeria’s equities market on Thursday recorded its first dip this week after three consecutive days of increase. The market dipped by 0.19 percent at the close of trading as investors chose to take profit following recent rally.

No thanks to investors who sold stocks likes Lasaco which dropped most from N2.60 to N2.34, losing 26kobo or 10percent. Also, Unity Bank shares were on offer by investors, causing the price to fall from N1.35 to N1.22, shedding 13kobo or 9.63 percent. Likewise, Ikeja Hotel dropped from N3.20 to N2.91, losing 29kobo or 9.06percent.

The stock market’s positive return year-to-date (YtD) printed lower at 15.53percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding day’s high of 59,323.95 points and N32.302 trillion respectively to 59,211.26 points and N32.240trillion.

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On the gainers list, NEM Insurance rallied most, from N6.30 to N6.93, up by 63kobo or 10percent. Also, Cornerstone Insurance increased from N1.01 to N1.11, adding 10kobo or 9.90percent. Likewise, Skyway Aviation Handling Company increased further on Thursday, from N7.70 to N8.45, up by 75kobo or 9.74 percent, followed by Coronation Insurance which increased from 86kobo to 94kobo, adding 8kobo or 9.30percent. Africa Prudential also traded higher, from N6.05 to N6.60, up by 55kobo or 9.09percent.

Stocks like Coronation Insurance, UBA, Universal Insurance, GTCO and Access Corporation were actively traded on Thursday as investors in 7,459 deals exchanged 615,912,333 shares worth N6.619billion.