Stock market turns south as investors sell Oando, Nascon, others

Nigeria’s equities market closed in the red zone (-0.07 percent) on Wednesday as investors sold mostly shares of University Press, Oando, Nascon, May & Baker, and C & I Leasing.

The year-to-date (YtD) return has decreased to +28.16 percent. University Press decreased most, from N2.66 to N2.41, down by 25 kobo or 9.40 percent. Oando dropped from a high of N43.30 to N39.55, losing N3.75 or 8.66 percent.

Nascon dropped from N35.15 to N32.20, losing N2.95 or 8.39 percent. May & Baker decreased from N 7.40 to N7, losing 40kobo or 5.41 percent, while C&I Leasing decreased from preceding day’s high of N2.95 to N2.80, losing 15 kobo.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation decreased from preceding day’s 95,895.92 points and N54.448trillion respectively to 95,831.51 points and N55.047trillion.

In 8,813 deals, investors exchanged 360,558,689 shares worth N7.252 billion. Oando, GTCO, Cutix, Universal Insurance and FCMB Group were actively traded stocks on Wednesday.