• Thursday, March 28, 2024
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BusinessDay

Stock market journeys further into negative region

Nigeria’s stock market

Nigeria’s stock market on Tuesday May 18 furthered its voyage into the negative territory, decreasing by 0.72 percent at the close of trading. The record negative close reinforced the market’s negative return year-to-date (YtD) now at -3.10percent.

No thanks to Portland Paints Plc which led the laggards after its share price decreased from N2.74 to N2.47, losing 27kobo or 9.85percent, followed by Champion Breweries Plc which decreased from N2.17 to N1.96, after shedding 21kobo or 9.68percent.

Among all sectoral indices, the Industrial Index recorded the highest decline (-2.57percent), followed by Insurance Index (-1.09percent) and Consumer Goods Index (-0.05percent), while Oil & Gas Index closed positive (+0.26percent), and Banking Index (+0.03percent).

The Nigerian Exchange (NGX) Limited All Share Index (ASI) and market capitalization which opened for trading on Tuesday at 39,307.19 points and N20.487trillion respectively closed at 39,023.28 points and N 20.339trillion. This implies that investors lost about N148billion.

Courteville, Fidelity Bank, Zenith Bank, Access Bank, and Transcorp stocks were most traded on the NGX. In 3,940 deals, stock investors exchanged 204,646,759 units valued at N1.839billion.