Okomu, Conoil, Fidelity, others cause market’s negative start to June

Nigeria’s equities market kicked-off the new month of June in red, decreasing by N358billion or 1.24percent as investors sold stocks like Okomu Oil Palm, Conoil, NCR, Fidelity Bank, Neimeth and others.

Okomu recorded the highest decline on June 1, after its share price dropped from preceding day’s high of N215 to N193.50, losing N21.50 or 10percent.

At the close of trading session on Wednesday June 1, the stock market’s performance indicators – All Share Index (ASI) and capitalisation came down to 52,974.15 points and N28.558trillion respectively as against record highs of 53,637.14 points and N28.916trillion as at month ended May 31. The positive returns year-to-date (YtD) has decreased to 24.01percent.

Read also: Investors trade stocks worth N898bn in 4 months

Other top decliners are NCR which moved down from N3.99 to N3.60, losing 39kobo or 9.77percent; Conoil which also dropped from N31.75 to N29.10, shedding N2.65 or 8.35percent; followed by Neimeth which decreased from N1.67 to N1.55, losing 12kobo or 7.19percent; and Fidelity Bank which dropped from N3.40 to N3.24, losing 16kobo or 4.71percent.

Eterna led the league of gainers on the Nigerian Exchange Limited (NGX) after its share price increased from N6.77 to N7.44, up by 67kobo or 9.90percent, followed by Nahco which increased from N6.65 to N7.22, up 57kobo or 8.57percent, while Ikeja Hotel also rose from N1.15 to N1.24, adding 9kobo or 7.83percent.

Transcorp, GTCO, Conoil, Sterling Bank and Royal Exchange were most traded stocks on the Exchange. In 4,637 deals, investors exchanged 295,353,818 shares valued at N3.590billion.