The stock market of Africa’s largest economy closed further in the red zone (-0.46percent) on Thursday May 27, making it four consecutive negative sessions this week.
Stocks that contributed majorly to the negative close on the Nigerian Bourse include Dangote Cement Plc which lost N6, GTBank Plc (-35kobo), MRS Plc (-60kobo), Eterna Plc (-25kobo), May & Baker Plc (-20kobo), and UACN Plc (-25kobo).
This record dip pushed further the decline seen by the Nigerian Exchange (NGX) Limited All Share Index (ASI) this week to 0.70percent.
Despite opportunities for bargain after many value counters hit new lows, the Nigerian equities market looks good to close this week in red amid scarcity of news capable of triggering buy decisions. Month-to-date (MtD), Nigeria’s stock market has declined by 4.48percent, erasing previous gains this year.
The Nigerian Exchange (NGX) Limited All Share Index (ASI) and market capitalisation moved from preceding day lows of 38,233.68 points and N19.928trillion respectively to 38,056.21 percent and N19.835trillion.
Except consumer good sectoral index which increased by 0.13percent and Oil & Gas index that remains flat, all other sectoral indices of the Nigerian Exchange (NGX) Limited closed in red –NGX Banking Index (-0.36percent), NGX Industrial Goods Index (-1.07percent), and NGX Insurance Index (-0.75percent).
The year-to-date (YtD) negative return has increased to 5.50percent as the bears continue their reign on the Bourse.
In 3,565 deals, investors exchanged 214,172,388 units valued at N1.336billion. Sovereign Trust, Mutual Benefit, UACN, Transcorp and Sterling Bank were most traded stock on Thursday.
