• Thursday, June 13, 2024
businessday logo


NGX Group, other laggards cause market’s first dip this week

Nigeria’s equities market on Tuesday recorded its first decline this week as investors sold shares of Nigerian Exchange Group plc – the listed parent company Nigerian Exchange Limited.

The 0.31percent or N85billion decrease recorded on Tuesday has pushed this year’s positive return to new low of 21.27percent.

NGX Group decreased most on the Nigerian Bourse by N1.65 or 6.71percent, from N24.60 to N22.95; followed by University Press which lost 28kobo or 9.72percent, from N2.88 to N2.60; and Fidelity Bank which also decreased from N3.40 to N3.28, after losing 12kobo or 3.53percent.

Read also:  Sterling Bank records highest Q1 profit in 6 years

“We are likely to see improvement in sectoral performance given the declines posted across board today (Tuesday). Also, barring any block transactions, we expect market activity to revert to prior level,” said Vetiva equity analysts.

Other top decliners on the Bourse are: Caverton Offshore Support Group which dropped from preceding day’s high of N1.05 to N1, losing 5kobo or 4.76percent; and Livestock Feeds which also decreased from N1.40 to N1.35, shedding 5kobo or 3.57percent.

Actively traded stocks on the Exchange include Livingtrust Mortgage Bank, MTN Nigeria, FBN Holdings, UBA and Zenith Bank. In 4,708 deals, investors exchanged 314,611,778 shares valued at N12.845billion.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding trading day highs of 51,962.85 points and N28.013trillion respectively to 51,803.98 points and N27.928trillion.