• Thursday, June 20, 2024
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Market dips by 0.15% as investors sell Stanbic, Fidelity, others

Nigerian Breweries, NEM, UACN, others cause market’s N114bn gain

In line with earlier expectations that Nigeria’s equities market will see mixed sessions this week, the market on Thursday failed to sustain previous day’s gain, decreasing by 0.15 percent at the close of trading.

More investors sold stocks like Stanbic IBTC Holdings, Fidelity Bank and May & Baker which among other laggards pushed the market lower.

Fidelity Bank recently concluded necessary arrangements to raise a total of up to N127.1billion by way of Rights Issue to existing shareholders and Public Offer (the Combined Offer).

Stanbic IBTC dropped from N57 to N52, adding N5 or 8.77 percent. Fidelity Bank dropped from a high of N10.80 to N9.75, losing N1.05 or 9.72 percent, while May & Baker dipped from N6.70 to N6.03, losing 67kobo or 10 percent.

The negative market breadth seen on Wednesday filtered into Thursday’s trading session and drove the Lagos bourse to a red close.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding day’s highs of 99,284.38 points and N56.163 trillion respectively to 99,134.85 points and N56.079 trillion.

In 6,765 deals, investors exchanged 309,806,091 shares worth N5.385billion.
The stock market’s year-to-date (YtD) return decreased to 32.58 percent.

Fidelity Bank, Access Holdings, Oando, Guinness and Veritas Kapital Assurance were actively traded stocks on Thursday.