Stock market records fourth consecutive day of decline

Nigeria’s equities market decreased further by 0.10 percent at the close of trading on Thursday, its fourth consecutive day of negative close this week.

Investors who took eyes away from equities in favour of fixed income instruments also shifted focus to the latest macroeconomic data.

Nigeria’s annual inflation rate in July slowed for the first time in 19-month to 33.4 percent. This is as a result of a high base effect, giving relief to the Central Bank of Nigeria on further hike which makes equities less attractive.

This year the Monetary Policy Committee has raised the interest rate by 800 basis points to 26.75 percent to fight stubbornly high inflation.

According to the National Bureau of Statistics, Consumer’s Price Index declined to 33.40 percent in July 2024 from 34.19 percent in June 2024.

The market decreased by 0.10 percent or N56 billion at the close of trading on Thursday.

Read also: Nigeria’s bond market slumps amidst regional uptick

Oando share price decreased most from N36.20 to N32.60, losing N3.60 or 9.94 percent while Total Energies advanced most, from N470.40 to N511.90, adding N41.50 or 8.82 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further from preceding day’s highs of 97,199.6 points and N55.187 trillion respectively to 97,100.36 points and N55.131 trillion.

Veritas Kapital Assurance, Sterling Financial Holding Company, AIICO, RT Briscoe and GTCO were actively traded stocks on Thursday. In 7,233 deals, investors exchanged 271,259,970 shares worth N3.522 billion.

The market has decreased this week by 1.51 percent following dearth of positive triggers on the Nigerian Exchange Limited (NGX). This month, it has decreased by 0.27 percent.

Though all NGX sectoral indices closed the day in red, insurance and banking stocks were majorly on offer at the Lagos Bourse. The market’s year-to-date (YtD) return decreased to +29.86 percent.