• Friday, March 29, 2024
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Equities market records first loss this week

Nigeria stock market emerges Africa’s best

Nigeria’s equities market recorded its first loss this week as the performance indicators tilted south on Monday May, 23.

“We anticipate continued market interest in the domestic equities space despite ongoing profit taking,” analysts at United Capital said in their note to investors.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased by 0.13percent or N37billion to 52,911.51 points and N28.525trillion respectively as against day-open highs of 52,979.96 points and N28.562trillion. The market’s positive return year-to-date (YtD) decreased to 23.87percent.

“We do not rule out bargain hunting on stocks that present significant upside potential to investors. However, we expect that profit taking activities will dictate market direction. Hence, we expect the market to close in the negative region this week,” Meristem analysts said in their stock recommendation this week.

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Presco led the stocks that drove the market’s new low after its price decreased by N20, from N200 to N180, down by 10percent. Global Spectrum Energy Services also decreased by 9.97percent, from day-open high of N3.41 to N3.07, losing 34kobo.

“Market picked up from Friday’s negative close as price swings in large-cap names continue to dictate market direction,” Vetiva analysts said. They anticipate another tepid trading session on Tuesday “amid bargain hunting activities across board”.

Also, Neimeth made the league of top laggards after its share price decreased by 17kobo or 9.66percent, from N1.76 or N1.59. UAC or Nigeria decreased from N14.40 to N13.20, losing N1.20 or 8.33percent, while NEM Insurance dipped from a high of N4.39 to N4.05, losing 34kobo or 7.74percent.

Jaiz Bank, GTCO, Transcorp, Access Holdings and Zenith Bank were most traded stocks on the Exchange. In 4,856 deals, investors exchanged 263,338,835 shares valued at N3.549billion.