Stock investors lose N13bn as market records first dip this week

Nigeria’s equities market recorded its first dip this week after decreasing by 0.03percent or N13billion at the close of trading on Wednesday.

Investors sold stocks like Transcorp Hotels, GlaxoSmithKline and Ikeja Hotel. Transcorp Hotels led the decliners league after decreasing from N51 to N45.90, down by N5.10 or 10percent. Ikeja Hotel decreased from N3.02 to N2.72, losing 30kobo or 9.93percent.

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The stock market’s key performance indicators – Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding trading day’s highs of 68,359.22 points and N37.413trillion respectively to 68,335.72 points and N37.400trillion.

The market’s negative close on Wednesday pushed down the return year-to-date (YtD) to 33.34percent. The market has risen this week and this month by 1.39percent and 2.68percent respectively.

CHI Plc also dropped from preceding day’s high of N1.08 to N1, down by 8kobo or 7.41percent. GSK was also down from N12.20 to N11.30, down by 90kobo or 7.38percent.

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In 8,201 deals, investors exchanged 566,631,350 shares valued at N5.386billion. Oando, Courteville Business Solutions, Chams, Japaul Gold and Access Corporation were most traded stocks on Wednesday.