• Thursday, July 25, 2024
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Lafarge, NGX Group top laggards as market opens week on negative note

Stock market records marginal gain, Naira stable at 900/$

Nigeria’s equities market opened this week on a negative note, no thanks to Lafarge Africa Plc, NGX Group Plc and Cutix Plc – that topped the laggards league at the close of trading on Monday September 5.

Lafarge Africa Plc recorded the highest dip, from day-open high of N25 to N23.95, down by N1.05 or 4.20percent; followed by NGX Group Plc which dropped from N22 to N21, losing N1 or 4.55percent; and Cutix Plc which was down from N2.12 to N2.04, shedding 8kobo or 3.77percent.

Nigerian Breweries Plc led the advancer league, rising from N47 to N48.75, up N1.75 or 3.72percent, followed by Flour Mills Nigeria Plc which increased from N28.05 to N29.30, up N1.25 or 4.46percent.

The equities market decreased by 0.11percent while investors booked about N29billion loss.

Read also: NGX says realigning portfolio diversification key to good returns

The market’s All-Share Index (ASI) and capitalisation decreased from preceding day’s highs of 50,045.83 points and N26.993trillion respectively to 49,991.41 points and N26.964trillion.

Equity research analysts at Lagos-based Vetiva has ahead of market open anticipated a slow start this week, “with possibilities of profit taking in some of last week’s gainer.”

Sterling Bank Plc, Fidelity Bank Plc, UBA Plc, GTCO Plc, and Zenith Bank Plc were top-5 traded stocks as equity traders in 3,976 deals exchanged 200,919,932 shares valued at N1.445billion. The record year-to-date (YtD) positive return decreased to +17.03percent.

In a related development, subscription for FGN Savings Bond, which guarantees quarterly coupon payments, re-opened on Monday September 5 and will remain open for five days till September 9, 2022 at the following rates: 2-Year FGN Savings Bond due September 14, 2024: 11.041percent per annum; and 3-Year FGN Savings Bond due September 14, 2025: 12.041percent per annum