Stock market dips by 0.10% amid dearth of buy-side drivers

Nigeria’s equities market decreased by 0.10 percent or N56billion on Wednesday following limited improvements in the drivers of buy-side sentiment at the Lagos Bourse.

Stocks like Ellah Lakes, ABC Transport, Eterna, C&I Leasing, and Livestock Feeds majorly caused the market’s negative close. Ellah Lakes decreased most, from N4.88 to N4.40, losing 48kobo or 9.84percent.

ABC Transcorp decreased from N1.35 to N1.22, losing 13kobo or 9.63percent. Eterna was also down, from N27 to N24.70, shedding N2.30 or 8.52percent. C&I Leasing dipped from N 4.05 to N3.71, losing 34kobo or 8.40percent. Livestock Feeds dropped from N3.74 to N3.44, shedding 30kobo or 8.02percent.

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At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further from preceding day’s highs of 97,584.81 points and N56.075 trillion respectively to 97,487.14 points and N56.019 trillion. Week-to-date (WtD), the market has decreased by 0.03 percent, while this month it has dipped by 1.09 percent. The market’s return year-to-date (YtD) decreased to +30.38 percent.

Despite the negative stock, investors interest in stocks like Lasaco, Mecure, Julius Berger, Regency Assurance, and Golden Guinea Breweries pushed their prices higher. Lasaco rose most from N2.30 to N2.53, adding 23kobo or 10percent.

Mecure increased from N8.45 to N9.25, up by 80kobo or 9.47percent. Julius Berger moved from N150 to N164, adding N14 or 9.33percent. Regency Assurance increased from 55kobo to 60, adding 5kobo or 9.09percent, while Golden Guinea Breweries increased from N3.15 to N3.40, adding 25kobo or 7.94percent.

Investors traded mostly the shares of Fidelity Bank, UBA, Sterling Financial Holdings, Nigerian Breweries and Oando. In 8,582 deals, equity traders exchanged 356,134,129 shares worth N6.952billion.