Nigeria’s stock market falls further

Nigeria’s equities market continued its downward trend on Thursday December 3 as more investors chose to take profit after recent rally.

GTBank Plc led the laggards after its share price moved from N34.1 to N33.6, losing 50kobo or 1.47 percent, Cadbury Nigeria plc followed after dipping from N9.2 to N8.7, down by 50kobo or 5.43 percent, while Flour Mills also dropped from a high of N27 to N26.5, losing 50kobo or 1.85percent.

Ahead of year-end portfolio rebalancing by fund managers, the stock market of Africa’s largest economy closed in the red zone.

Read Also: NSE sets Dec. 7 for implementation of 0.08% Stamp Duty on securities transactions

Amid the negative, some value hunters may return to market in move to buy low the stocks with potential for higher returns following lower yields in the fixed income market.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) decreased from 35,056.82 points to 34,968.94 points, while the value of listed stocks decreased by N46billion, from N18.322trillion to N18.276trillion.

In 4,878 deals, investors exchanged 289,394,180 units valued at N7.348billion. UBA, Zenith Bank, MTNN and Access Bank were actively traded stocks on the Nigerian Stock Exchange.

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