Nigeria’s stock market on Tuesday furthered its journey into the negative territory, declining by 0.21percent as investors weak sentiment continued to impact the market.
Investors in equities booked about N50billion loss on the first trading day in the month of November.
The record negative on the Bourse was driven majorly by stocks like Seplat Energy, Julius Berger and UACN.
Seplat decreased most by N100, from N1,200 to N1,100, down by 8.33percent. It was followed by Julius Berger which dropped from N25.90 to N23.45, after shedding N2.45 or 9.46percent; and UACN which dipped from a high of N8.95 to N8.40, losing 55kobo or 6.15percent.
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“The flurry of nine months (9M) 2022 earnings releases has been largely positive. However, investors reactions to the released earnings have been lacklustre. Overall, we expect the market to close in the negative zone,” according to research analysts at Lagos-based Meristem.
At the close of trading session on Tuesday November 1, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and its market capitalisation depreciated from 43,839.08 points and N23.877trillion respectively to 43,745.73 points and N23.827trillion.
The stock market’s positive return year-to-date (YtD) also decreased to 2.41percent.
Access Holdings, Sterling Bank, Transcorp, UBA and Zenith Bank were the top-5 traded stock. In 4,110 deals, investors exchanged 172,866,016 shares valued at N4.014billion.
