• Monday, June 24, 2024
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Nigeria’s stocks shed N75bn as ‘Santa rally’ fails to rekindle

Market up 41.39% year-to-date as stocks gain N2.1trn in one week

Nigeria’s stock market moved further south on Wednesday, December 22 as investors continued to sell for yuletide spending. Market watchers had ahead of Wednesday’s trading session expected lull in equities market barring any positive triggers.

Recent market trend shows ‘Santa rally’ won’t rekindle due to omicron risks and profit-taking in value stocks. Despite that general sentiments still tilt towards the bears, investors are expected to snap up attractive counters ahead of New Year portfolio rebalancing.

Week-to-Date (WtD), the market has decreased by 0.26percent while month-to-date (MtD) it has increased by 0.49percent. The stock market’s positive return year-to-date (YtD) printed lower on Wednesday to 4.90percent.

Read also: Stanbic, Cardinalstone, Rencap, 7 others trade N909bn worth of stocks in 11 months

Union Bank led the top laggards on the Nigerian Exchange, after dipping from day-open high of N4.85 to N4.60, shedding 25kobo or 5.15percent, followed by Oando Plc which decreased from N4.55 to N4.37, shedding N18 or 3.96percent.

The Nigerian Exchange Limited (NGX) benchmark performance indicators – All Share Index (ASI) and Market Capitalisation – decreased by 0.34percent or N75 billion to 42,244.22 points and N22.050trillion respectively at the close of trading on Wednesday, December 22 compared with preceding day’s 42,388.57 points and N22.125trillion.

Other top laggards at the close of trading are: Royal Exchange which decreased from 75kobo to 70kobo, losing 5kobo or 6.67percent, LASACO also dropped from N1.10 to N1.03, shedding 7kobo or 6.36percent, while FCMB Group dropped from N3 to N2.87, losing 13kobo or 4.33percent.

UACN, Mutual Benefit, Sovereign Trust Insurance, Veritas Kapital Assurance and Access Bank were actively traded stocks on the Nigerian Exchange Limited. In 2,677 deals, equity traders exchanged 224,026,702 units valued at N2.657billion.