Nigeria’s listed stocks lost about N596billion on Tuesday as profit taking activities continued at the nation’s bourse.
The equities market decreased by 0.67 percent, its second decline this month, driven majorly by sell pressure on insurance stocks.
United Capital research analysts in their investment view for the week expect cautious optimism in equities market, “driven by expectations of a potential interest rate cut from the Central Bank of Nigeria (CBN) due to moderating inflation, alongside a relatively stable Naira and an increase in foreign reserves”.
Securities traders in 31,127 deals exchanged 404,537,938 shares valued at N39.762billion.
Read also: Bank stocks spur NGX-ASI dip by 0.49%
At the close of trading, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation decreased from preceding trading day’s highs of 139,722.19 points and N88.406 trillion to 138,780.55 points and N87.810 trillion.
“Bearish signals dominated the session as some investors took profits. However, underlying fundamentals remain supportive, and we may see investors rotating back into recently corrected names in the coming sessions,” analysts at Vetiva said on September 1.
The market’s major decliners list shows AIICO dipped most, from N3.80 to N3.42, losing 38kobo or 10 percent. Consolidated Hallmark followed after its share price dropped from N4.30 to N3.87, losing 43kobo or 10 percent. Prestige Assurance, another major laggard also decreased from N1.80 to N1.62, losing 18 kobo or 10 percent.
Likewise, Ellah Lakes decreased from a high of N12.69 to N11.43, shedding N1.26 or 9.93percent, while PZ Cussons share price moved down from N36.90 to N33.25, down by N3.65 or 9.89 percent.
