• Thursday, June 13, 2024
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Market dips by 0.48% as bears resume activities on Nigerian Exchange

MTNN, other stocks drive market’s negative start to new week

Expectedly, the bears on Tuesday resumed activities across counters at the Nigerian Exchange Limited (NGX) as investors booked profits from recent rally.

Stocks like Champion Breweries, NEM Insurance, Chellaram and Honeywell Flour Mills helped fuel the first dip this week.

Champion Breweries led the laggards after its share price moved down from N4.80 to N4.34, losing 46kobo or 9.58 percent. It was followed by NEM Insurance which dropped from a high of
N4.50 to N4.05, losing 45kobo or 10percent.

The market decreased by 0.48 percent or N139 billion, thereby moderating the positive return year-to-date (YtD) to 0.38 percent.

Lagos-based Vetiva research analysts had on Monday anticipated a bearish close on Tuesday, “as investors continue to take profit.”

Read also: MTN, UBA, others make analysts’ 2023 stock picks

Other top laggards are Chellaram which dipped from N2.02 to N1.82, shedding 20kobo or 9.90percent and Honeywell Flour Mills which dropped from N2.42 to N2.30, losing 12kobo or 4.96percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from 51,693.08 points and N28.160trillion to
51,446.6 points and N28.021trillion.

FBN Holdings, BUA Cement, Zenith Bank Fidelity Bank and Transcorp were actively traded stocks on the Nigerian Exchange Limited as investors in 4,184 deals exchanged 345,491,299 shares valued at N8.290 billion.