Stock market dips further by 0.06%

Nigeria’s equities market on Thursday defied analysts expectation of renewed bargain hunting to close down by 0.06 percent or N31billion.

In the post-trading commentary on Wednesday, analysts at Vetiva Research were cautiously optimistic that bargain hunters will emerge in Thursday’s trading session, “potentially spurring a modest rebound”.

“Nonetheless, the risk of sustained selling pressure may keep the market subdued,” the Lagos-based analysts however added.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation moved further down from preceding day’s highs of 105,475.38 points and N66.140trillion respectively to 105,426.12 points and N66.109trillion.

- Advertisement -

Companies like John Holt, Chams, May & Baker, and UPDC among others pushed the market further into the red zone.

John Holt decreased from preceding day’s high of N8.60 to N7.74, losing 86 kobo or 10 percent. Also, Chams dipped from N2.23 to N2.04, losing 19kobo or 8.52 percent.

May & Baker was also down from N8.80 to N8.10, losing 70 kobo or 7.95 percent, while UPDC share price moved down from N2.90 to N2.70, losing 20kobo or 6.90 percent.

Stocks like Access Holdings, Fidelity Bank, Zenith Bank and Tantalizers were actively traded on Thursday as investors in 11,393 deals exchanged 423,617,754 shares worth
N9.181billion.

- Advertisement -

TAGGED:bdothernews

Share This Article

ByIheanyi Nwachukwu

Follow:

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. 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). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.