• Wednesday, May 29, 2024
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BusinessDay

Market furthers southward movement as PZ, UACN, Sterling lead laggards

Stock market drops by 2.71% week-on-week

In the absence of catalysts that are capable of spurring aggressive buy-side activity on the Nigerian Exchange Limited (NGX), the stock market recorded another red close on Wednesday.

For the third time this week, PZ Cussons made top laggards list after its share price dropped from N22.50 to N20.25, down by N2.25 or 10percent.

It was followed by UACN which decreased from N14.85 to N13.40, after losing N1.45 or 9.76 percent, and Sterling Financial Holdings Company which was also down from preceding day’s high of N4.45 to N4.01, losing 44kobo or 9.89percent.

Investors lost about N74billion as the market decreased by 0.09percent. The market’s return year-on-year (YoY) stood lower 30.24 percent. The market has decreased by 0.85 percent this month.

At the close of trading, the NGX All Share Index (ASI) and its equities market capitalisation decreased further, though on a slight note to 97,343.42 points and N55.058trillion respectively as against preceding day’s 97,473.98 points and N55.132trillion.

In 7,333 deals, investors exchanged 355,554,348 shares worth N7.142billion. GTCO, Custodian Investment, Access Holdings, Tantalizer, and Prestige Assurance were actively traded stocks.