• Friday, July 19, 2024
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Stock market sees first gain this week

Market sees first dip after recent rally

Nigeria’s equities market recorded its first gain this week as it closed slightly in the green (0.03percent or N8billion) on Thursday.

The record positive helped to halt three consecutive days of negative close on the Bourse, thereby pushing the positive return year-to-date (YtD) to +3.78percent.

The stock market’s All-Share Index (ASI) increased from the preceding day’s low of 44,318.15 points to 44,332.21 points.

Read also: Nigeria’s inflation report stokes equities selloff

Its Market Capitalisation also increased from N24.138trillion to N24.146trillion. In 2,909 deals, investors exchanged 119,223,829 shares valued at N3.201billion.

“Declines were recorded in Tier-I banks like Zenith Bank and Access Holdings, as investors now demand for lower prices given the recovery posted in these counters in recent sessions. Barring any major dip in the heavy-weights, we expect another mixed session to close out the week,” said analysts at Lagos-based Vetiva.