• Tuesday, February 27, 2024
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BusinessDay

Market sees first dip this week as investors await Tribunal’s judgement

Nestle, Eterna, Fidson, others cause market’s negative start to new week

Nigeria’s equities market on Wednesday recorded its first decline this week as investors keenly awaited the outcome of the judgement of Presidential Election Petition Court (PEPC).

At the close of trading session on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased by 0.07 percent and N27billion respectively.

Profit taking in stocks like Vitafoam, Dangote Sugar, Champion Breweries led to the market’s negative close on Wednesday.

Read also: NGX ASI surpasses 68,000 mark

The NGX ASI and market capitalisation dropped from preceding day’s highs of 68,334.68 points and N37.400trillion respectively to 68,286.28 points and N37.373trillion.

In 7,671 deals, investors exchanged 378,654,875 shares valued at N5.482trillion.
Oando, UBA, Transcorp, Access Corporation, and Omatek were most the trader stocks.

The market’s year-to-date return decreased to 33.24 percent.

Read also: NGX Group to pay interim dividend to shareholders

Vitafoam dropped most, from N25 to N22.50, down by N2.50 or 10percent. Dangote Sugar Refinery also dipped, from N70 to N66.65, losing N3.35 or 4.79percent and Champion Breweries which also dropped from N3.45 to N3.30, shedding 15kobo or 4.35percent.

Vetiva research analysts had ahead of Wednesday’s trading expected mixed sessions, “as the market awaits the outstanding earnings reports in that space”.