• Friday, September 29, 2023
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SCOA, Cornerstone, other stocks drive market’s further dip by 0.19%

Nigeria stocks gain N1.81trn in July

Nigeria’s equities market continued its southward movement on Tuesday, declining by 0.19percent due to increasing sell-side pressue on the nation’s Bourse.

The second negative close this week was powered by investors who sold mostly the shares of SCOA Nigeria Plc which topped the laggards league after its share price decreased by 20kobo or 7.69percent, from N2.60 to N2.40.
It was followed by Cornerstone Insurance Plc which decreased by 6kobo or 8.82percent, from 68kobo to 62kobo; and Prestige Assurance Plc which dipped by 3kobo or 6.12percent, from 49kobo to 46kobo.

Read also: Nigeria’s domestic investors still keep eyes on corporate actions

On a positive note, Unilever Nigeria Plc share price rallied most by 50kobo or 3.85percent, from N13 to N13.50; followed by that of Eterna Plc which rose from N5.04 to N5.25, adding 21kobo or 4.17percent.

Tuesday’s trading session on the Nigerian Bourse closed lower as the market’s benchmark performance indicator of the Nigerian Exchange Limited (NGX) –All Share Index (ASI) –dropped from preceding day’s high of 47,428.67 points to 47,340.86points.

The value of stocks listed on the Nigerian Exchange decreased further by N47billion, from N25.561trillion to N25.514trillion. The market’s year-to-date (ytd) positive return decreased to 10.83 percent. In 3,779 deals, investors exchanged 183,255,994 units valued at N2.475billion.