Market sees slight dip on rising sell-side activity

Despite opening the holiday-shortened week on a positive note, Nigeria’s equities market routed slightly south on Wednesday by 0.07percent. This month, the market has decreased by 3.04percent.

Global Spectrum Energy Services led the league of decliners on Wednesday after its share price moved down from N2.75 to N2.48, losing 27kobo or 9.82 percent.

It was followed by Honeywell Flour Mills which dropped from a high of N2.15 to N1.94, down by 21kobo or 9.77 percent while Livestock Feeds also decreased from N1.14 to N1.03, losing 11kobo or 9.65percent.

Read also: Equities market sees second consecutive week of negative closes

The market’s year-to-date (YtD) positive return decreased to 11.27percent.

In 3,797 deals, investors exchanged 155,181,080 shares valued at N3.656billion. Mutual Benefit, GTCO, Zenith Bank, Courteville and Dangote Cement were top-5 traded stocks on the Nigerian Exchange Limited (NGX).

Its performance indices – the All-Share Index (ASI) dropped from a high of 47,565.92 points to 47,531.84 points while Market Capitalisation decreased by N18billion, from N25.907trillion to N25.889trillion.