Nigeria’s equities market opened the new week in negative, losing N14billion at the close of trading session on Monday August 22.
The market’s 0.05percent decline was caused mostly by sell pressure in NGX Group, ETI, Lasaco, and others. The stock market has decreased by 2.03percent since this month.
“This week, we expect the local bourse to continue broadly bearish as investors continue to sit on the sidelines and switch assets given attractive yields in fixed income instruments,” said United Capital Research analysts in their August 22 note.
Though, they anticipate that investors and fund managers will continue to cherry-pick stocks with strong underlying fundamentals.
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NGX Group led the decliners after its share price dropped from day-open low of N20.55 to N19.60, by 95kobo or 4.62percent.
ETI followed after its share price dropped from N10.60 to N10, down by 60kobo or 5.66percent. Lasaco also made the top decliners league after dipping from N1.04 to 95kobo, shedding 9kobo or 8.65percent. The market’s positive return year-to-date (YtD) has decreased to 15.52percent.
The market which started with its All-Share Index (ASI) and capitalisation at 49,370.62 points and N26.629trillion respectively decreased to 49,346.4 points and N26.615trillion.
Mutual Benefit, Transcorp, GTCO, Sterling Bank, and Access Holdings were top-5 traded stocks. In 3,915 deals, investors exchanged 122,735,953 shares valued at N1.301billion.
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