Okomu, other laggards drive stock market’s negative start to new week

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.

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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.