• Sunday, December 03, 2023
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Sell pressure pushes Nigeria’s equities market further south

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Despite significant increase in share price of SEPLAT (+10percent) and 15 others that gained, Nigeria’s equities market still failed to close positive at the end of Wednesday’s trading session due to sell pressure on major bellwether stocks.

Except Oil & Gas index (+5.02percent), all other sectoral performance indices closed in the red –namely NSE Consumer Goods (-0.45percent), NSE Industrial Goods (-0.41percent), NSE Insurance (-0.86percent) and NSE Pension (-0.16percent).

The stock market’s negative return year-to-date (YtD) has increased to -1.86percent. SEPLAT led the league of 16 gainers as against 29 losers topped by Japaul Gold.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalisation decreased further by 0.44 percent, from 39,697.62 points and N20.769trillion respectively to 39,522.06 points and N20.678trillion.

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The value of listed stocks decreased by N91billion on Wednesday, thereby pushing this month’s decline further (-0.70percent).

Japaul Gold decreased most on the Bourse, moving from 60kobo to 54kobo, shedding 6kobo or 10percent. It was followed by NEM Insurance which decreased from N2.12 to N1.91, after losing 21kobo or 9.91percent.

Champion Breweries also made the top laggards league, moving from N2.05 to N1.85, down by 20kobo or 9.76percent. NPF Microfinance Bank declined from N1.9 to N1.72, shedding 18kobo or 9.47percent. Likewise, Linkage Assurance also decreased from 56kobo to 51kobo, down by 5kobo or 8.93percent.

Amid the negative market breadth, as well as the unimpressive sectoral performances, market watchers expect the record bearish trend to filter into Thursday’s session.