Stock market records first negative close this week

For the first time this week, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) dipped by 0.26 percent from day-open high of 47,482.73 points to 47,360.79 points.

In the same vein, the value of listed stocks on the Nigerian Bourse decreased by N66billion, from N25.590trillion to N25.524trillion. The market’s positive return year-to-date (Ytd) decreased to 10.87percent.

Despite the record negative, market watchers expect investors to continue to react and trade in line with earnings reports which will likely translate to cherry-picking counters with more attractive dividend yield.

Read also: Nigeria stock market gains N101bn in week ended Feb. 25

Stocks that fueled the southward close at the Nigerian Exchange Limited include NGX Group Plc which decreased from N25.30 to N23.10, after losing N2.20 or 8.70percent; followed by International Breweries Plc also dropped from N5.65 to N5.10, losing 55kobo or 9.73percent.

Also on the laggards list include Niger Insurance Plc which dropped from 30kobo to 27kobo, after losing 3kobo or 10percent; RT Briscoe Plc which dipped from 77kobo to 70kobo, down by 7kobo or 9.09percent and Cornerstone Insurance Plc decreased from 70kobo to 64kobo, losing 6kobo or 8.57percent.

Transcorp, United Capital, Access Bank, Zenith Bank and FCMB Group were most traded stocks on the NGX. In 5,620 deals, investors exchanged 279,953,931 units valued at N4.162billion.