Stock market sees first dip this week

Stock market hits new low as sell-side pressure persists on NGX

Nigeria’s equities market closed in the red zone on Wednesday, its first decline this week as investors took profit from recent rally which had pushed the market to 15-year high.

The market decreased by 0.08 percent or N28billion, pushing the year-to-date (YtD) postive return lower to 29.64 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation decreased from preceding trading day’s highs of 66,490.34 points and N36.390trillion respectively to 66,439.56 points and N36.362trillion.

Read also: NGX ASI hits 15-year high

Transcorp, Access Corporation, Dangote Sugar, Jaiz Bank and Fidelity Bank were actively traded stocks as investors in 10,033 deals exchanged 637,193,765 shares worth N7.790billion.

Transcorp decreased most, from N7.01 to N6.31, losing 70kobo or 9.99 percent. It was followed by CWG which was down from N4.05 to N3.65, after losing 40kobo or 9.88 percent.

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).