Nigeria’s listed stocks are beginning to pullback from recent rally as investor see profit taking opportunities. The market decreased by 1.46 percent at the close of trading on Tuesday. The market’s return year-to-date (YtD) decreased to 38.56 percent, no thanks to industrial, insurance, banking and oil & gas stocks despite bargains in consumer goods stocks.
Dangote Cement occupied position as the market’s major dragger on Tuesday as the stock decreased most, from N577 to N520, down by N57 or 9.88percent. Royal Exchange decreased from N2.80 to N2.52, down by 28kobo or 10percent, while Lasaco dropped from N3.99 to N3.60, losing 39kobo or 9.77 percent. Universal Insurance, AIICO and Mutual Benefit were most traded stocks.
Read also: Insurance, industrial stocks push NGX-ASI higher by 0.12%
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 144,722.47 points and N91.561trillion respectively to 142,613.47 point and N90.227 trillion. In 34,352 deals, investors exchanged 1,027,469,686 shares worth N17.664billion.
“We expect risk-off sentiment to persist, with profit-taking in large caps likely spilling into the mid-and small-cap space. That said, such pullbacks should create attractive entry points for investors to re-engage fundamentally strong names at discounted levels,” Vetiva Research analysts said on Tuesday.
