• Friday, April 19, 2024
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Investors lose N64bn as Presco, others spur market to reverse gain

Equities market fails to sustain gain

Investors in Nigeria’s equities market lost about N64billion on Tuesday as Presco led other counters that caused the market to reverse preceding day’s gain. The market, which closed down by 0.17percent.

“Equities are still performing well (although we think most of the heavy lifting of the NGX Exchange All-Share Index has been done already this year) and risk products still get investors’ attention. What investors need to understand is that they may need to change tactics again this year. Keep your options open,” said Coronation Research analysts.

Read also: Presco shareholders get N8.6bn dividend payment for 2022

The market’s year-to-date (YtD) positive return decreased to +30.70percent on Tuesday. The market All-Share Index (ASI) and equities capitalisation decreased from preceding day’s 67,101.33 points and N36.865trillion respectively 66,984.62 points and N36.801trillion.

In 6,498 deals, investors exchanged 257,423,368 shares valued at N7.799billion. Fidelity Bank, Access Corporation, UBA, Oando and Zenith Bank were most traded stocks.

Presco led the league of laggards after its share price dropped from N201.20 to N182, down by N19.20 or 9.54percent. John Holt also dipped from N1.60 to N1.44, losing 16kobo or 10percent. Jaiz Bank was also down, from N1.60 to N1.50, losing 10kobo or 6.25percent.