A record three-day rally at the Nigerian Exchange Limited (NGX) stopped on Thursday, July 8 as investors moved to take profit on recent gains.
Though on a slight note of – 0.08 percent or N18billion, this decline at the Bourse negatively affected this week’s gain which now stood lower at + 0.68 percent while the gain this month has decreased to +1.49 percent.
The market’s negative close on Thursday was driven among others by a remarkable sell-off in insurance stocks such as Prestige which dropped by 10 percent, Wapic Insurance (-5.08 percent) and Mutual Benefit (-4.65 percent).
With previous bullish sentiment not strongly holding sway in the market, the market might see further profit-taking in some of the names that have gained in recent sessions.
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The stock market of Africa’s largest economy now yields negative return year-to-date (YtD) at – 4. 47 percent.
At the close of the trading session on Wednesday, the Nigerian Exchange Limited All-Share Index (ASI) and Market Capitalisation decreased from day-open lows of 38,485.39 points and N20.061trillion respectively to 38,469.87 points and N20.043 trillion.
In 3,927 deals, investors exchanged 238,243,780 units valued at N2.582billion. Transcorp, Courteville Business Solutions, Zenith Bank, Fidelity Bank and Chams were actively traded stocks on the Bourse.
