Stocks fail to sustain rally

Stock market opens week on a negative note as mixed sentiment persists

Investors in Nigeria’s equities market lost about N158billion on Wednesday, the second trading day this week after the public holidays.

The market failed to sustain previous day’s rally after investors sold stocks likes Wema Bank and Ikeja Hotel.

The market’s All-Share Index (ASI) and equities capitalisation decreased from preceding day’s highs of 66,770.97 point and N36.544trillion to 66,482.28 points and N36.386trillion.

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Wema Bank led the league of laggards after its share price lowered from N4.70 to N4.23, losing 47kobo or 10percent, while Ikeja Hotel dropped from a high of N3.50 to N3.15, losing 35kobo or 10percent.

The Nigerian Bourse negative close by 0.43 percent on Wednesday pushed lower this year’s return to +29.72 percent.

Universal Insurance, Fidelity Bank, CHI, GTCO and Wema Bank were actively traded stocks as investors in 6,646 deals exchanged 657,515,274 shares valued at N4.597billion.

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).

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