• Sunday, December 10, 2023
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Stock market records first dip this week, down by 0.14%

Stock market records first dip this week, down by 0.14%

Nigeria’s equities market on Thursday recorded its first decline this week, after dipping by 0.14 percent or N50billion at the close of trading.

Northern Nigeria Flour Mills led other top decliners after its share price decreased from N12.05 to N11.05, losing N1 or 8.30percent.

It was followed by FTN Cocoa which dipped from N2.01 to N1.81, losing 20kobo or 9.95percent, and Red Star Express which also dropped from N2.92 to N2.63, losing 29kobo or 9.93percent.

The Nigerian Exchange Limited All-Share Index (ASI) and equities market capitalisation decreased from preceding day’s highs of 65,492.92 points and N35.844 trillion respectively to 65,401.82 points and N35.794 trillion.

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Also, on the top laggard list include Learn Africa which dropped from N4.05 to N3.65, shedding 40kobo or 9.88percent, and Veritas Kapital Assurance which dipped from 26kobo to 24kobo, shedding 2kobo or 7.69percent.

In 6,968 deals, investors exchanged 583,087,946 shares valued at N12.902billion. Transcorp, Sterling Financial Holdings, Access Corporation, GTCO and Fidelity Bank were most traded stocks.

Market watchers at Lagos-based Vetiva had ahead of Thursday’s trading expected more tepid sessions with a bearish undertone, “as names across sectors, especially in the banks and oil & gas continue to trade mix.”

At the close of trading on Thursday, the market’s year-to-date (YtD) return stood lower at +27.61percent. Though, this week, the market has risen by 1.05percent, while this month it is up by 1.65percent.