• Saturday, June 22, 2024
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BusinessDay

Stock market rout continues on Nigerian Bourse

Stock market drops by 2.71% week-on-week

Nigeria’s equities market furthered its movement southwards as more investors took sell positions on Tuesday.

The market decreased further by 0.24 percent or N132billion at the close of trading on Tuesday as more investors exited long position in some stocks. This week, the market has decreased by 0.77percent.

Stocks like PZ Cussons, Dangote Sugar, and NEM Insurance saw the highest decline on the Bourse. Gains in stocks like Tantalizer, Learn Africa and Cutix could not reverse the record negative on the Bourse.

PZ Cussons decreased most, from N25 to N22.50, losing N2.50 or 10percent. It was followed by Dangote Sugar which dropped from N45 to N40.50, losing N4.50 or 10percent and NEM Insurance which was also down from day-open high of N10.35 to N9.35, losing N1 or 9.66percent.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation decreased further from preceding day’s 97,708.74 points and N55.264trillion respectively 97,473.98 points and N55.132trillion.

In 7,951 deals, investors exchanged 306,596,536 shares worth N5.813billion. Access Holdings, GTCO, Nigerian Breweries, UBA and Royal Exchange were actively traded stocks.

The market’s year-to-date (YtD) return also decreased to 30.36 percent.