• Friday, June 21, 2024
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Stock market drops further by 0.09%

Stock market drops further by 0.09%

Nigeria’s equities market recorded another negative close on Wednesday as investors continued to tread cautiously in the market.

“We note that market sentiment is poor, though short trading weeks around public holidays (this week and next week) are usually not typical of overall market direction,” said Coronation research analysts in their October 4 note.

At the close of trading session on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) depreciated further by 0.09percent from preceding trading day’s 48,879.74 points to 48,836.70 points. The market’s positive return year-to-date (YtD) dropped to 14.33percent.

Nigerian Exchange Limited (NGX) on Wednesday, October 5 listed by introduction Geregu Power Plc (GEREGU) on the Main Board of The Exchange.

Read also: Stockbrokers trade 7.4bn shares worth N84bn in September

A total of 2.5 billion ordinary shares of Geregu were listed at N100 per share, under the Utilities sector and Electric Power Generation sub-sector of NGX, with the trading symbol, GEREGU.

The listing of Geregu’s shares has added N250billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation. The equities market capitalisation increased from N26.373trillion to N26.600trillion.

Geregu Power, a leading power generation company (GenCo) in Nigeria, is the first GenCo to be listed on the NGX Main Board, a listing segment for well-established companies with demonstrable records of accomplishments.