• Sunday, June 16, 2024
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Investors lose N109bn as stock market fails to sustain gains

Premium stocks see major sell-offs as investors buy MPC outcome

Nigeria’s equities market on Thursday failed to sustain previous day’s gains after declining by 0.43 percent or N109billion at the close of trading session on the Nigerian Exchange Limited (NGX).

The equities market’s benchmark performance indicator –All Share Index (ASI) – stood at a low of 46,961.62 points as against preceding trading day 47,163.94 points. The market’s record positive return year-to-date (YtD) also decreased to 9.94percent.

Flour Mill of Nigeria Plc led the laggards after its share price decreased from preceding day’s N32 to N31, losing N1 or 3.13percent; while Custodian Investment led the gainers league after rising from N7 to N7.50, up by 50kobo or 7.14percent.

Read also: Equities market sees first gain this week

Also, the value of stocks listed on the Nigerian Exchange Limited decreased by N109billion from N25.418trillion to N25.309trillion.

In 4,003 deals, investors exchanged 214,699,451 shares valued at N2.625billion. Fidelity Bank, GTCO, Zenith Bank, UBA and Custodian Investment were actively traded stocks on the Bourse.

Lagos-based Vetiva research analysts had on Wednesday said they expect to see further mixed sessions this week, “with share price appreciations followed by profit taking activities as seen in sectoral performance, whilst investors continue to favour the banking sector”.