• Sunday, February 25, 2024
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BusinessDay

Stock market opens week on a negative note

Equities market sets for negative weekly close despite early day gains

Nigeria’s equities market decreased by 0.34 percent on Wednesday, the first trading day this week after Christmas holidays.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation moved down from preceding day’s highs of 74,023.27 points and N40.507 trillion respectively to 73,768.64 points and N40.367trillion. In 8,901 deals, investors exchanged 432,913,694 shares worth N12.937billion.

CardinalStone Research analysts said, “This week, we will continue monitoring our positions and take advantage of opportunities as they arise”.

UACN led the league of laggards after its share price lowered from N15 to N13.50, down by N1.50 or 10percent.

Jaiz Bank, Transcorp, Unity Bank, GTCO and United Capital were actively traded stocks.

Meristem research analysts said, “We expect the local bourse to sustain its positive momentum this week, driven by buying interest on tickers with lower prices relative to the previous week.

“We also anticipate further bargain hunting activities as investors position strategically ahead of full year earnings releases.

“However, we note that tickers in some sectors have gained significantly and may spur profit taking activities during the week. Also, the T-Bills auction scheduled for this week is likely to prompt flow of funds from the equity market. On a balance of factors, we expect the NGX-ASI to close in the green zone this week”.