• Saturday, July 13, 2024
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GTCO, ETI, others route Nigeria stock market southward

Nigeria’s rate hike forces stock market to close week in red

Nigeria’s stock market on Tuesday failed to sustain previous day’s gains, no thanks to investors who moved to sell GTCO, Ecobank Transnational Incorporated (ETI), Caverton Offshore Support Group, UPDC REIT and other laggards. At the close of trading session, investors lost about N49billion as the market decreased by 0.22percent.

Market watchers had after a positive start to new week expected a mixed session on Tuesday due to stronger sell-side interest on the Nigerian Exchange Limited (NGX).

The Nigerian Exchange Limited (NGX) All-Share Index and Market Capitalisation which stood at 42,411.12 points and N22.130 trillion respectively decreased to 42,317.52 points and N22.081trillion.

The market’s year-to-date (YtD) positive return lower to 5.08percent while month-to-date (MtD) and week-to-date (WtD), the market has risen by 0.66percent and 1.04 percent respectively.

Read also: Nigeria, other African nations could exit U.K. Red list in 12 hours

GTCO led the decliners’ league after its share price decreased from N26 to N25, down by N1 or 3.85 percent, it was followed by ETI Plc which decreased from N9.30 to N9.05, losing 25kobo or 2.69percent.

Caverton decreased from N1.73 to N1.65, shedding 8kobo or 4.62percent, while UPDC REIT dipped from day-open high of N4.50 to N4.20, losing 30kobo or 6.67percent.

On the advancers table, Custodian Investment Plc led others after its share price moved from N7.10 to N7.80, up by 70kobo or 9.86percent, followed by UACN Plc which rose from N9.20 to N9.80, up by 60kobo or 6.52percent.

Access Bank, Universal Insurance, Unity Bank, FBN Holdings and International Breweries were most traded stocks Tuesday on the NGX. In 3,753 deals, equity traders exchanged 270,092,995 units valued at N2.299billion.