Stock market records first negative close in 2024

Stock market opens week in red as focus shifts to MPC decisions

Nigeria’s stock market on Wednesday recorded its first decline this year, dipping by 1.40 percent at the close of trading session.

Investors lost about N638billion as investors took profit from recent rally in some stocks.

Despite the record negative close, stock market year-to-date (YtD) return stood at 9.70 percent.

Stocks like May & Baker (- 61kobo), Caverton Offshore Support Group (- 23kobo), Chams (-24kobo) Consolidated Hallmark (-15kobo) and Cornerstone Insurance (-20kobo) occupied the league of top laggards on Wednesday.

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The Nigerian Exchange Limited (NGX) All-Share Index decreased from Tuesday’s high of 83,191.84 points and N45.523trillion respectively to 82,024.38 points and N44.885 trillion.

Transcorp, Access Corporation, Sterling Financial Holding Company, Jaiz Bank and AIICO Insurance were actively traded stocks on Wednesday.

In 20,223 deals, investors exchanged 1,641,281,797 shares worth N25.377billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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