• Wednesday, February 28, 2024
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NGX Group, Zenith, others dip as market sheds N187bn

Stock market defies inflation report as Index crosses 84,000 mark

Nigeria’s stock market lost about N187billion on Tuesday, driven majorly by increased sell pressure in stocks like NGX Group Plc, Zenith Bank Plc, NPF Microfinance Bank Plc and Livestock Feeds Plc.

The market decreased by 0.69percent while its year-to-date (YtD) positive return dipped further to 16.22 percent. At the close of trading session, NGX Group led the decliners after its share price dropped from N21 to N20, down by N1 or 4.76percent.

It was followed by Zenith Bank Plc which dropped from N21 to N20.25, down by 75kobo or 3.57percent; and NPF Microfinance Bank Plc which dipped from N1.66 to N1.53, losing 13kobo or 7.83percent.

Read also: Naira falls to lowest at official market on dollar scarcity

The market’s All-Share Index (ASI) and capitalisation decreased further on Tuesday from preceding day’s highs of 49,991.41 points and N26.964trillion respectively to 49,644.92 points and N26.777trillion.

Sterling Bank, Transcorp, Zenith Bank, GTCO and UBA were top-5 traded stocks as investors in 4,247 deals exchanged 138,991,046 shares valued at N2.725billion.