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Neimeth, Chams, others drive Nigerian stock market to negative close

Nigeria’s equities market moved further into the negative territory by 0.11 percent on Tuesday as interest in stocks continues to decrease despite that the remaining Tier-1 half-year (H1) results have been released.

Stocks that helped the southward movement on Tuesday include Neimeth International Pharmaceuticals, Chams Plc Japual Gold, Sovereign Trust Insurance and Wema Bank Plc.

Neimeth International Pharmaceuticals led on the losers list after its share price moved down from N1.90 to N1.75, dipping by 15kobo or 7.89percent; while on the gainers table, MRS rallied most from N13.85 to N15.20, up by N1.35 or 9.75percent.

Investors lost N17billion at the close of the bearish trading session on the Nigerian Bourse. The market’s year-to-date (YtD) return stood higher at -3.47percent.

Read also: NGX Group’s full year operating surplus dips 18.5% to N1.84bn

Furthermore, Chams Plc share price also decreased from 23kobo to 22kobo, losing 1kobo or 4.35percent of its day-open price; followed by Japaul Gold Plc which decreased from 49kobo to 47kobo, shedding 2kobo or 4.08percent.

Likewise, Sovereign Trust Insurance share price decreased from 25kobo to 24kobo, losing 1kobo or 4percent, while Wema Bank lost 3kobo, from 79kobo to 76kobo, down by 3.80percent.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation decreased further from preceding trading day’s highs of 38,906.42 points and N20.270trillion respectively to 38,873.85 points and N20.253trillion.

In 3,809 deals, equity traders exchanged 184,442,908 shares valued at N2.343billion. UBA, GTCO, Zenith Bank, United Capital and Access Bank were most traded stocks Tuesday on the NGX Limited.

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