Nigeria’s stock market starts new month in red

The record lukewarm sentiment by Nigeria’s stock investors continued on Wednesday, the first trading day in September amid dearth of catalyst to spur buy-side activity level.

Investors are eagerly expecting banks half-year (H1) scorecards and possible dividend declarations by notable names which are capable of driving “buy” activities on the Nigerian Bourse.

The market decreased by 0.09percent as investors booked about N19billion loss at the close of trading session on the Nigerian Exchange Limited (NGX).

Read also: Investors in Nigeria’s stocks gained over N320bn in August

This week, the nation’s stock market has decreased by 0.76percent, while this year its negative return widened to -2.70percent.

The Nigerian Exchange Limited All-Share Index (ASI) and Market Capitalisation moved from preceding day’s highs of 39,219.61 points and N20.434trillion respectively to 39,184.18 points and N20.415trillion.

Stocks that led the laggards’ league include: FTN Cocoa which decreased from 57kobo to 52kobo, down by 5kobo or 8.77percent, as against AIICO which led the gainers league, after its share price moved from 99kobo to N1.03, adding 4kobo or 4.04percent.

Also on the top decliners list is Morison which dipped from N2.03 to N1.92, down by 11kobo or 5.42percent.

UPDC also lost, from N1.86 to N1.77, shedding 9kobo or 4.84percent. Jaiz Bank dipped from a high of 63kobo to 60kobo, losing 3kobo or 4.76percent, while Wema Bank decreased from 86kobo to 82kobo, shedding 4kobo or 4.65percent.

In 3,449 deals, investors exchanged 169,297,249 shares valued at N1.424billion. Transcorp, Zenith Bank, Honeywell Flourmills, United Capital and Mutual Benefit were most traded equities Wednesday on the Nigerian Exchanged Limited.