Nigerian Stock Market Records First Negative Trading Day
- Nigeria’s stock market recorded its first negative trading day of the week on Tuesday as investors took profit from MTN and others
- At the end of trading, data showed that Fidelity Bank, MTN Nigeria, Access Holdings, GTCO and Universal Insurance were most actively traded
- Stocks like Champion Brewery Plc, Cadbury Nigeria Plc and Eterna Plc were among the companies that led the gainers table
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigeria’s stock market recorded its first negative close on Tuesday, April 29, as investors' profit-taking pulled the market into the red.
Source: Facebook
Data showed that the Nigerian Exchange Limited (NGX) All-Share Index (ASI) declined by 0.18%, closing at 105,931.18 points from a previous high of 106,116.18 points. Similarly, the market capitalisation dropped by N116 billion, settling at N66.577 trillion compared to Monday’s N66.693 trillion.
Analysts at United Capital attributed the dip to growing caution among investors amid a high-interest rate environment.
In an April 28 research note, they said:
“Looking forward, the equities market might remain dovish due to the elevated interest rate environment in the fixed-income market. We still expect bearish sentiments to linger in the background.”
They added that the upcoming May meeting of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) will likely keep investors on the sidelines as they await guidance on interest rate direction.
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Snapshot of Nigerian stock market Tuesday's performance
Here is how the market performed on Tuesday.
Top gainers
- Legendint gained N0.75, rising from N7.50 to N8.25 per share (+10.00%).
- Abctrans Plc gained N0.17, moving from N1.71 to N1.88 per share (+9.94%).
- Cadbury Nigeria Plc gained N2.90, increasing from N29.25 to N32.15 per share (+9.91%).
- Champion Brewery Plc gained N0.42, rising from N4.29 to N4.71 per share (+9.79%).
- Eterna Plc gained N4.15, rising from N43.85 to N48.00 per share (+9.46%).
Top losers
- Livestock Feeds Plc declined by N0.83, falling from N8.55 to N7.72 per share (-9.71%).
- Multiverse Mining & Exploration Plc dropped N0.75, decreasing from N7.80 to N7.05 per share (-9.62%).
- McNichols Plc lost N0.18, moving from N1.90 to N1.72 per share (-9.47%).
- Omatek Ventures Plc declined by N0.06, dropping from N0.65 to N0.59 per share (-9.23%).
- MTN Nigeria Communications Plc lost N15.50, decreasing from N255.50 to N240.00 per share (-6.07%).
Top trades
- Fidelity Bank Plc recorded a turnover of 285.15 million shares valued at N5.77 billion.
- Mtn Nigeria Communications Plc traded 86.85 million shares worth N20.93 billion.
- Access Bank Plc exchanged 35.57 million shares valued at N851.28 million.
- Universal Insurance Plc recorded 29.81 million shares worth N15.19 million.,
- Guaranty Trust Holding Company Plc traded 28.51 million shares, amounting to N1.94 billion.
Another Nigerian company to list shares on NGX
Earlier, Legit.ng reported that the number of companies on the Nigerian Exchange was set to increase with the listing of Legend Internet Plc.
The listing will now allow the shares of Legend Internet Plc to be traded on the Nigerian Exchange (NGX).
Legend Internet is a leading provider of fibre-to-the-home (FTTH) services, offering high-speed internet.
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Proofreading by Nkem Ikeke, copy editor at Legit.ng.
Source: Legit.ng
