Market sees first dip this month

Nigeria’s equities market on Thursday recorded its first decline this month by 0.76 percent or N296billion.

At the close of trading on the Nigerian Exchange Limited (NGX), the stock market’s benchmark performance indicator which had crossed 70,000 mark to 70,581.76 points on Wednesday lowered to 70,042.28 points.

Investors sold stocks like FBN Holdings, Chams, International Breweries and RT Briscoe.

FBN Holdings topped the league of laggards after its share price lowered from N19.65 to N18.05, down by N1.60 or 8.14 percent.

Also, the stock market’s year-to-date (YtD) positive return stood lower at 36.67 percent. This week, the market has risen by 4.33 percent, while month-to-date (MtD) its up by 1.16 percent.

The equities market capitalisation dropped from preceding day’s high of N38.777 trillion to N38.481trillion.

Japaul Gold, Fidelity Bank, UBA, FCMB Group and Chams were actively traded stocks as investors in 8,396 deals exchanged
525,457,392 shares worth N6.088billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).