Nigeria stock market on Thursday could not deviate from preceding day’s negatives as investors continued to take profit on recent gains despite pockets of bargains in fundamentally sound names.
The sell-side pressure caused the market to shed about N16billion at the close of trading session on Thursday, November 4.
Unilever Nigeria Plc recorded the highest decline after its share price moved from a high of N15.60 to N14.25, losing N1.35 or 8.65percent.
On the gainers list, Okomu Oil Palm Plc led others after its share price moved from preceding day low of N135 to N142, up by N7 or 5.19percent.
The Nigeria Exchange Limited All-Share Index (ASI) and the equities Market Capitalisation decreased further on Thursday by 0.08percent from 41,975.45 points and N21.905trillion on Wednesday to a new low of 41,943.83 points and N21.889trillion.
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“Looking forward to the rest of the week, we expect sustained investor activity in the equities as investors continue to react to recently released 9M-2021 earnings releases.
“However, we expect the market will continue to trade in a tight range for the rest of the week,” Lagos-based research analysts at United Capital Plc said in their November 4 note to investors.
The market’s positive return year-to-date (YtD) also decreased to +4.15percent.
FBN Holdings Plc, Lasaco, Transcorp, Japaul Gold and NGX Group were actively traded stocks on the Bourse on Thursday.
In 3,688 deals, investors exchanged 160,876,647 units valued at N1.408billion.
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