• Thursday, July 25, 2024
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BusinessDay

MTNN leads laggards to erase previous gains

MTNN leads laggards to erase previous gains

… cautious optimism persists on NGX

While many investors retained cautiously optimistic position at the stock market, Thursday’s trading session closed in red.

Investors sold mostly the shares of MTNN which led the laggards after dropping from a high of N214 to N200, up by N14 or 6.54 percent.

It was followed by that of UPDC REIT which decreased from N5.45 to N5, losing 45kobo or 8.26 percent.

The share price of another major laggard, University Press decreased from preceding day’s high of N2.25 to N2.10, losing 15kobo or 6.67 percent.

The Nigerian stock market which depreciated by 0.23 percent on Thursday almost erased the week’s gains as liquidity remains low.

Week-to-date (WtD), the market has increased by just 0.01 percent following two days of gains and two days of negative closes.

At the close of trading, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation decreased from preceding trading day’s highs of 100,299.48 points and N56.737 trillion respectively to
100,063.32 pointd and N56.604trillion.

Investors lost about N133 billion on Thursday. In 7,931 deals, they traded 863,583,360 units of shares which amounted to N12.561billion. The stock market’s year-to-date (YtD) return stood lower at 33.82percent

Fidelity Bank, UBA, Veritas Kapital Assurance, Zenith Bank, and GTCO were actively traded stocks.