• Monday, April 22, 2024
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Market drops by 0.42% as investors sell United Capital, GSK, others

Equities market fails to sustain gain

For the third time this week, equities trading on the Nigerian bourse closed in red zone as investors sold mostly the shares of United Capital, GSK, University Press, Neimeth and Oando. Increased activities on the sell-side of the Bourse pushed further south the market’s benchmark performance index by 0.42percent. Investors also lost N127billion on Wednesday.

United Capital decreased most, from N12.90 to N11.70, after losing N1.20 or 9.30percent. It was followed by GSK which dropped from N6.70 to N6.20, losing 50kobo or 7.46percent; and University Press which was also down, from N2 to N1.85, losing 15kobo or 7.50percent.

Read also: Nigeria’s inflation rate rises for the second straight month

At the close of trading session on Wednesday, the Nigerian equities market year-to-date (YtD) positive return decreased further to + 8.27percent.

Also, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding trading day’s 55,722.90 points and N30.355 trillion respectively to 55,490.20 points and N30.228trillion.

GTCO, Transcorp, Zenith Bank, Flour Mills and UBA were actively traded stocks on Wednesday as investor in 3,908 deals exchanged 181,187,216 shares valued at N3.405billion.