Stock market records three straight sessions of negative close ahead of month end

Nigeria’s equities market decreased by 0.04 percent on Wednesday, its third consecutive session of negative close this week.

Key names have since this week put downward pressure on the stock market ahead of month end.

Month-to-date (MtD), the market has decreased by 0.54 percent, while this week it has decreased by 1.43 percent. Year-to-date (YtD), the market’s return stood lower at 31.09 percent.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased further from preceding day’s highs of 98,058.07 points and N59.418 trillion respectively to 98,023.23 points and N59.396trillion.

The market dropped further following profit-taking insurance and consumer goods stocks. Stocks like Jaiz Bank, PZ Cussons Nigeria and UPDC were major laggards on Wednesday.

Jaiz Bank decreased from N2.50 to N2.25, losing 25 kobo or 10 percent. PZ was down from N21 to N18.90, losing N2.10 or 10 percent. Also, UPDC dipped from N1.60 to N1.45, shedding 15 kobo or 9.37 percent.

Jaiz Bank, UBA, Chams, MTNN and Zenith Bank were actively traded stocks as investors in 10,028 deals exchanged 538,956,267 share worth N15.301billion.