Stock market decreases by 0.29% on profit taking activities

Nigeria’s equities market failed to sustain previous day’s gain as activities of profit-takers dipped the market by 0.29 percent or N185billion on Wednesday.

This week, the market has risen by 0.47 percent, while the market’s return year-to-date (YtD) is in negative of 0.09 percent.

Ahead of Wednesday’s trading, analysts at Vetiva Research said, “Amid high-interest rates, PFAs favouring fixed income will likely keep market sentiment muted”.

They however remained cautiously optimistic about sustained positioning in bellwether stocks as investors seek value.

Major profit taking in stocks like Multiverse Mining and Exploration, May & Baker, Prestige Assurance, Redstar Express and Guinea Insurance pushed the market lower.

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At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation decreased from preceding day’s highs of 103,137.99 points and N63.332 trillion respectively to 102,836.13 points and N63.147 trillion.

Multiverse decreased most, from N11.15 to N10.05, losing N1.10 or 9.87 percent. May & Baker decreased from N9.20 to N8.30, losing 90kobo or 9.78 percent. Prestige Assurance was also down, from N1.43 to N1.32, losing 11kobo or 7.69 percent.

Guinea Insurance dropped from 94kobo to 87kobo, shedding 7kobo or 7.45 percent. Red Star Express decreased from N5.05 to N4.81, shedding 24kobo or 4.75percent.

Stocks like Access Holdings, UBA, Sterling, AIICO and Zenith Bank were actively traded as investors in 10,766 deals exchanged 394,815,193 shares worth N15.156billion.