• Friday, November 22, 2024
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Okomu, other laggards drive stock market’s negative start to new week

Stock market records marginal gain, Naira stable at 900/$

Nigeria’s stock market opened this new week on a negative note, driven majorly by declines in prices of Okomu Oil Palm Plc, NEM Insurance Plc, Pharma Deko, Oando and others laggards that caused the record dip by 0.16percent or N41billion on Monday February 7.

The share price of Okomu Oil Palm Plc was down by N14.20 or 10percent, from day-open high of N142 to N127.80. NEM Insurance also decreased by 32kobo or 9.61percent, from N3.33 to N3.01; Pharma Deko dropped by 17kobo or 8.59percent, from N1.98 to N1.81; while Oando dipped from N5.16 to N4.75, losing 41kobo or 7.95percent of its day-open value.

Read also: Seplat, Conoil, others drive stock market’s positive start to new month

The Nigerian Exchange Limited (NGX) All Share Index (ASI) decreased to 47,203.39 points from 47,279.92 points while the value of listed stocks dropped to N25.436trillion, from N25.477trillion.

GTCO, Transcorp, Fidelity Bank, Nigerian Breweries and FBN Holdings were the most traded stocks. In 5,342 deals, equity traders on Monday exchanged 285,478,067 units valued at N5.129billion. The market’s year-to-date (ytd) positive return decreased to 10.50percent.

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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