• Thursday, February 29, 2024
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Stock market moves further south by 0.17%

Stock market down by 1.27% as investors seek better yields after MPC rate hike

Nigeria’s equities market decreased further by 0.17percent or N48billion on Wednesday May 3 as investors sold Union Bank, FCMB, Nigerian Breweries and Transcorp.

The market closed south despite analysts’ expectation that investors will continue to cheery pick stocks at bargain prices in anticipation of potential price appreciations.

Nigerian Exchange Limited (NGX) All-Share Index and its Market Capitalisation depreciated further from preceding day high of 52,296.48 points and N28.475trillion to 52,207.77 points and N28.427trillion.

Read also: NGX Group grows Q1 profit by 109.0% to N310million

Transcorp led the decliners league after its share price decreased from N2.53 to N2.29, down by 24kobo or 9.49percent. International Energy Insurance dropped from N1.24 to N1.13, losing 11kobo or 8.87percent.

Union Bank also decreased from N7.70 to N7.10, shedding 60kobo or 7.79percent. FCMB was down from N4.26 to N3.95, losing 31kobo or 7.28percent, while Nigerian Breweries lost N2.15 or 6.14percent, from N35 to N32.85.

In 6,254 deals, investors exchanged 670,082,230 shares valued at N5.028billion. Transcorp, Access Corporation, Fidelity Bank, Chams and GTCO were top-5 traded stocks on Wednesday. The stock market’s positive return year-to-date (YtD) lowered to 1.87percent.