• Sunday, December 03, 2023
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Eterna, others cause Nigeria stock market’s negative start to new week

Stocks shed over N860bn as rate hike effect lingers

Nigeria’s equities market opened new trading week on a slightly negative note (-0.02percent), driven majorly by sell pressure in stocks like Eterna Plc, CWG Plc, Royal Exchange Plc, Veritas Kapital Assurance Plc, and SCOA Nigeria Plc.

The market’s record negative close on Monday, March 14 push its positive return year-to-date (YtD) to new low of 11.03percent; while month-to-date (MtD), the market has risen by 0.07percent.

“This week, we expect to see investors continue to book profits on positions that have appreciated significantly in the past weeks. Also, the outcome of corporate releases, similar to dividend announcements from banks and PRESCO’s corporate action will be a significant determinant of investors’ sentiment in the coming week,” according to United Capital Research analysts in their investment view for the week.

Read also: Investors book N41bn gain as equities market maintains positive close

Eterna Plc dipped most after its share price dropped from N5.60 to N5.04, losing 56kobo or 10percent; followed by CWG Plc which decreased from N1.10 to 99kobo, losing 11kobo or 10percent.

Royal Exchange Plc also made the top decliners list, after its share price dropped from N1.21 to N1.09, down by 12kobo or 9.92percent; followed by Veritas Kapital Assurance Plc which dropped from 23kobo to 21kobo, losing 2kobo or 8.70percent; and SCOA Nigeria Plc which was down by 23kobo, from N2.83 to N2.60, losing 8.13percent of its day-open value.

At the close of trading session, the market’s benchmark performance indicator – Nigerian Exchange Limited (NGX) All-Share Index (ASI) –decreased from 47,437.48 points to 47,428.67 points.

Also, the value of stocks listed on the Nigerian Exchange decreased by N5billion, from N25.566trillion to N25.561trillion. In 4,735 deals, investors exchanged 1,280,473,135 units valued at N7.918billion.