Market sees first dip after recent rally

Nigeria’s stock market on Monday recorded its first decline since President Bola Tinubu’s pro-market policies drove the Bourse to record high.

Investors sold mostly penny stocks like John Holt, Courteville Business Solutions, Chams, Coronation Insurance, and Academy Press.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities Market Capitalisation – decreased by 0.02percent or N8billion, from preceding days’ 55,820.50 points and N30.395 trillion respectively to 55,801.32 points and N30.387trillion. The market’s year-to-date (YtD) return decreased to 8.89percent

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John Holt led the decliners after its share price dropped from N 1.91 to N1.72, losing 19kobo or 9.95percent. It was followed by Courteville Business Solutions which decreased from 51kobo to 46kobo, down by 5kobo or 9.80percent.

Also, Chams declined from 41kobo to 37kobo, down by 4kobo or 9.76percent, followed by Coronation Insurance which moved down from 46kobo to 42kobo, shedding 4kobo or 8.70percent, and Academy Press which was also down from N1.90 to N1.75, losing 15kobo or 7.89percent.

In 7,221 deals, investors exchanged 369,779,627 shares valued at N19.841billion. Geregu, NPF Microfinance Bank, Access Corporation, Zenith Bank and UBA were most traded stocks on Monday.