• Friday, March 29, 2024
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BusinessDay

Stock market down by 0.34% as week opens

Stock market in early rally on Tuesday as investors buy Transcorp Power

Nigeria’s equities market opened this week in red as persisting bearish sentiment on the bourse pushed its performance indicator down by 0.34percent or N82billion on Monday.

“We expect the local equities market to remain in a lull going forward. Positive drivers to catalyse investor interest in the equities market are far and few,” Lagos-based United Capital said in their November 14 note to investors.

They noted that “elevated money market rates, pre-election jitters and dwindling corporate performance will likely keep investors’ interest at bay”.

Stocks like Africa Prudential and SCOA led the league of decliners on the Nigerian Exchange Limited (NGX). Africa Prudential dropped from N5.35 to N5.10, down by 25kobo or 4.67percent; followed by SCOA which decreased from N1.75 to N1.58, shedding 17kobo or 9.71percent.

Read also: Dangote Cement, MRS, others cause stock market to sustain gain

The stock market’s performance indicators – Nigerian Exchange Limited All Share Index (ASI) and equities Market Capitalisation decreased from week-open highs of 43,968.75 points and N23.948trillion respectively to 43,818.12 points and N23.866trillion.

The market’s negative close caused its record positive return year-to-date (YTD) to print lower at 2.58percent on Monday.

Access Corporation, Zenith Bank, Transcorp, Unity Bank and NGX Group were top-5 traded stocks on the Exchange where in 3,326 deals, investors exchanged 187,094,282 shares valued at N2.535billion.