Market falls as investors book profit on penny stocks

Nigeria’s stock market on Wednesday failed to sustain previous day’s gain as investors chose to take profit from preceding day’s gain. Penny stocks mostly occupied the top decliners list on Wednesday as the market dipped by 0.02percent or N6billion.

NPF Microfinance Bank Plc recorded the highest decline on the Bourse after its share price decreased by 22kobo or 9.78percent, from N2.25 to N2.03.

RT Briscoe also decreased from a preceding day’s high of 56kobo to 51kobo, losing 5kobo or 8.93percent, while Prestige Assurance dropped from 49kobo to 45kobo, losing 4kobo or 8.16percent.

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Also, Niger Insurance Plc dropped from day-open low of 21kobo to 20kobo, losing 1kobo or 4.76percent, followed by Chams Plc which dipped from 21kobo to 20kobo, shedding 1kobo or 4.76percent.

Fidelity Bank, Transcorp, GTCO, Access Holdings and Zenith Bank were most traded stock on Wednesday. At the close of trading session, investors in 4,668 deals, exchanged 261,592,386 units valued at N2.434billion.

The market’s year-to-date (YtD) positive return decreased to 9.48percent. The Nigerian Exchange Limited (NGX) All Share Index (ASI) decreased to 46,766.16 points from preceding day’s high of 46,777.37 point while the value of listed stocks on the Exchange decreased by N6billion to N25.212trillion from N25.218trillion