It was indeed another disappointing outing on Tuesday as the Nigerian stock market continued its free fall, thereby eroding the gain seen year-to-date (YtD). Airtel Africa Plc has for the second time this week topped the league of decliners pushing the market further South.
The decrease by 2.16 percent or N545billion at the close of the trading session on Tuesday pushed lower, the equities market’s positive return year-to-date to +6.20 percent. This week, the market has decreased by 4.63 percent, while this month of October it has declined by 7.46 percent.
Airtel Africa led the laggards on Tuesday after its share price decreased from preceding day’s high of N1,620 to N1,458, losing N162 or N10; while Nigerian Breweries followed after its share price moved down from N46.45 to N41.90, shedding N4.55 or 9.80percent.
Nigeria’s equities market return furthers its failure to beat inflation now 20.77percent.
Nigeria’s inflation rate surged to 20.77 percent in September 2022, up from 20.52 percent recorded in the month of August.
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The central bank’s hawkish monetary policies approach which is targeted mostly at curtailing the rising inflation rate makes fixed-income securities more attractive than equities.
The stock market’s All-Share Index (ASI) decreased further from preceding day’s high of 46,365.95 points to 45,366.32 points. Also, its Market Capitalisation decreased from N25.254trillion on Monday to N24.709trillion.
Computer Warehouse Group, GTCO, Zenith Bank, Fidelity Bank and Access Holdings were the top-5 traded stocks on the Nigerian Exchange Limited (NGX).
In 3,486 deals, equities traders exchanged 420,276,776 shares valued at N3.624billion.
