• Friday, June 21, 2024
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BusinessDay

Market furthers southward movement by 0.12%

Stock market sheds N103bn in week ended June 21

Nigeria’s equities market moved further into the negative territory on Tuesday by 0.12 percent as investors took profit in stocks like International Energy, UPDC, Unity Bank and Chams.

Following record negative take off to this week, market watchers had ahead of Tuesday’s trading expected to see no buy-side drivers in the short term that would alter the prevailing sentiment in the market.

“We expect the market to trade lower on Tuesday, with the bulk of activity coming from the banking and insurance sectors,” Lagos-based Vetiva analysts said.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated by 0.12 percent or N38billion, from preceding day’s 99,118.86 points and N56.069 trillion respectively to 99,051.02 points and N56.031 trillion.

International Energy Insurance share price decreased from N1.75 to N1.58, down by 17kobo or 9.71percent. UPDC also dropped from N1.34 to N1.21, down by 13kobo or 9.70percent.

Unity Bank also decreased from N1.38 to N1.25, losing 13kobo or 9.42percent, while Chams was down from N1.50 to N1.40, shedding 10kobo or 6.67percent.

The market’s year-to-date (YtD) return has lowered to 32.47 percent. In 8,122 deals on Tuesday, investors exchanged 347,388,621 shares worth N7.656billion. Shares of Veritas Kapital Assurance, Fidelity Bank, Oando, Unity Bank and UBA were actively traded on the Bourse.