Stock market fails to sustain gain, dips by 0.09%

Nigeria’s equities market on Wednesday failed to sustain previous day’s gain, as investors negative sentiment around local equities pushed the market backwards by 0.09 percent. Investors lost N51billion at the close of trading.

Jaiz Bank, UBA, Access Holdings, Oando and RT Briscoe were actively traded stocks on Wednesday as investors in 9,546 deals exchanged 600,043,927 shares worth N8.80 billion.

This week, the stock market has increased by 0.29 percent, while this month it has risen by 0.14 percent.

Analysts at Lagos-based Vetiva Research had ahead of Wednesday’s trading said
“the market appears vulnerable, and without fresh positive catalysts, we could see renewed downward pressure in the coming sessions. Investors may need to brace for a potential pullback, especially if current mixed sentiments persists.”

Stocks like CWG, Northern Nigeria Flour Mills, Academy Press, Learn Africa and SCOA occupied the list of major laggards on Wednesday.

Read also: Stock market records first gain this week ahead of T-Bills auction

Northern Nigeria Flour Mills decreased from preceding day’s high of N48.30 to N43.50, losing N4.80 or 9.94 percent of its open price.

CWG dropped from N6 to N5.40, losing 60 kobo or 10 percent. Academy Press decreased from N2.92 to N2.63, down by 29kobo or 9.93 percent.

Learn Africa moved from N3.73 to N3.36, down by 37 kobo or 9.92 percent, while SCOA dipped from N1.92 to N1.73, shedding 19 kobo or 9.90 percent.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation decreased from 96,802.8 points and N55.626 trillion respectively to 96,715.04 points and N55.575 trillion.

The stock market’s return year-to-date (YtD) decreased to 29.34 percent.