• Sunday, February 25, 2024
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Investors book N1.01trn loss as stocks fall further

Equities market sets for negative weekly close despite early day gains

Nigeria’s equities market furthered its loss path on Wednesday by 1.90percent (N1.01trillion) as investors sold mostly shares of Lafarge Africa, Zenith Bank, May & Baker, Sterling Financial Holdings Company, Transcorp, and UPDC.

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Following two-day sell pressure on the Nigerian Bourse, the market has decreased this week by 1.22percent. This negative came as investors continued to take profit across sectors.

The year-to-date (YtD) return stood lower at 35.28 percent after the market’s negative close.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding trading day’s highs of 103,110.15 points and N56.425trillion respectively to 101,154.45 points and N55.357trillion.

Lafarge dipped most from N40 to N36, losing N4 or 10percent. Zenith Bank decreased from N39 to N35.10, losing N3.90 or 10percent. May & Baker dropped from N6.90 to N6.21, losing 69kobo or 10percent.

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Also, Sterling Financial Holdings Company dipped from N6.30 to N5.67, losing 63kobo or 10percent, while UPDC decreased from N2 to N1.80, down by 20kobo or 10percent.

Shares of Transcorp, UBA, Zenith Bank, GTCO, and Access Corporation were mostly traded as investors in 14,288 deals exchanged 749,128,131 shares worth N22.492billion.