Stock market dips by 0.49% as investors sell FBN Holdings, others

After two days of gains, investors on Thursday started targeting profit from the shares of FBN Holdings, making it to lead other laggards that rerouted the market south.

FBN Holdings decreased most from day-open high of N29.40 to N26.50, down by N2.90 or 9.86 percent.

It was followed by Champion Breweries which dropped from preceding trading day’s high of N3.55 to N3.30, losing 25kobo or 7.04 percent.

Nigerian Breweries, Access Corporation, Zenith Bank and Universal Insurance were actively traded stocks.

On what will shape the market in the next trading session, Lagos-based Vetiva Research analysts said, “We expect the price correction in the banking sector to moderate in the last trading session of the week. We also expect market to remain mixed across sectors, while investors cherry pick across board”.

Read also: Buy-side activity pushes market’s return to 40.11% year-to-date

Ahead of yuletide, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities market capitalisation decreased on Thursday by 0.49 percent from preceding trading day’s highs of 71,808.64 points and N39.294 trillion to 71,457.92 points and
N39.102trillion.

In 7,096 deals, investors exchanged 436,557,482 shares worth N7.548billion. The equities market’s return year-to-date (YtD) decreased to 39.43 percent.