Nigeria’s equities market on Tuesday recorded its first negative close this week in line with most analysts’ expectations of mixed trading sessions.
The market decreased by 0.04 percent or N15 billion, no thanks to stocks like Northern Nigeria Flour Mills, John Holt and Mutual Benefit.
While some investors cherry-pick value stocks across the board, others moved to the Nigerian Bourse to take profit from recent gains.
At the close of trading on Tuesday, August 8, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities market capitalisation decreased from the preceding day’s 65,336.71 points and N35.555trillion respectively to 65,309.65 points and N35.540trillion.
Among other top laggards, Secure Electronic Technology Plc dipped from 30kobo to 27kobo, down by 3kobo or 10 percent.
Northern Nigeria Flour Mills also dropped from N13.65 to N12.30, down by N1.35 or 9.89 percent. John Holt dropped from a high of N1.47 to N1.33, down by 14kobo or 9.52 percent. Also, Tantalizer was down from 36kobo to 33kobo, down by 3kobo or 8.33 percent. Mutual Benefit decreased from 52kobo to 48kobo, losing 4kobo or 7.69 percent.
In 6,376 deals, investors exchanged 317,808,298 shares valued at N4.471 billion. Access Corporation, Sterling Financial Holdings, Universal Insurance, FCMB Group and FBN Holdings.