Nigeria’s equities market recorded a decline by 0.34 percent on Thursday as investors sold stocks like Wema Bank, UPDC, C&I Leasing, Lasaco, and Sovereign Trust Insurance.
The market recorded this major dip, its highest in a month, as previous rallies usher profit takers into the Nigerian Bourse.
The record dip has moderated this year’s positive return to 41.23 percent. Week-to-date (WtD), the market has recorded a dip by 0.27 percent despite equal sessions of positives and negatives closes.
Lasaco dipped from N5 to N4.50, losing 50kobo or 10 percent. Sovereign Trust Insurance decreased from N3.60 to N3.24, down by 36 kobo or 10 percent.
Read also: Insurance, industrial stocks push NGX-ASI higher by 0.12%
UPDC share price also dipped from N8 to N7.20, losing 80 kobo or 10 percent. C&I Leasing was also down by 10 percent, from N8 to N7.20, losing 80 kobo, while Wema Bank decreased from N23 to N20.70, losing N2.30 or 10 percent.
At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation decreased further from preceding trading day’s highs of 145,864.8 points and N92.284 trillion respectively to
145,300.01 points and N91.926 trillion.
Insurance stocks were actively traded on Thursday, led by Universal Insurance, AIICO, Linkage Assurance, Mutual Benefits and Regency Assurance. In 43,515 deals, investors exchanged 2,455,648,577 shares worth N22.217 billion.
