Stock market dips by 0.35% as investors sell Honeywell, FBNH, Oando

Stocks like Honeywell Flour Mills, FBN Holding, Oando and other major decliners caused the market to decrease by 0.35 percent on Tuesday.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation depreciated from preceding day’s highs of 99,665.05 points and N56.367 trillion to 99,311.54 points N56.167trillion. The market’s year-to-date (YtD) return decreased to 32.82 percent.

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Honeywell Flour Mills led the league of losers after its shares decreased from N3.54 to N3.19, losing 35kobo or 9.89percent, followed by FBN Holdings which dropped from N24.30 to N21.90, down by N2.40 or 9.88percent.

Oando dipped also from N11.20 to N10.10, down by N1.10 or 9.82percent. FTN Cocoa dropped from N1.49 to N1.35, down by N14 or 9.40percent, while Nestle dropped from N900 to N820, shedding N80 or 8.89percent.

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“Investors have taken a risk-off stance to the market as they await first-quarter (Q1) 2024 earnings results for investment guidance.

“We also cannot rule out a downturn in sentiment as investors retain a cautious outlook on the health of the local economy. That said, we expect another tepid session with a bearish tilt, in Wednesday’s session,” according to Vetiva research analysts.

In 7,324 deals, investors exchanged 574,426,124 shares worth N7.842billion. Transcorp, UPDC REIT, UBA, Access Holdings, and Universal Insurance were most traded stocks on the Bourse.