Investors gnash teethes as Nigeria Stock market investments drop by 0.33 %


Local fund managers at Nigerian stock exchange gnased their teethes as quoted companies equities closed the first trading session of the week, Monday in the red, as the Nigeria Stock Exchange All Share Index, ASI depreciated 0.33 percent or three 33 bases points, bps to settle at 26,762.73 points.

Trading session today was largely dominated by profit taking actions, as investors sold down some of their shares that recorded significant price appreciation the previous week.

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Similarly, transactions size for the day diminished significantly, with total volume and value traded dipping by 34.49 percent and 54.60 percent respectively while trades in UACN, Zenith Bank and Dangote Cement accounted for 54.51 percent of total turnover.

On the other side, market breadth for the day closed positive, as 16 companies gained as against 15 that declined.

Commenting on the market performance, Vetiva Research said: “Declines in Access Bank (-667bps), Ecobank Transnational Incorporated, ETI (-667bps), Okomu Oil (-557bps) and Zenith Bank (-80bps) among others were responsible for the negative performance recorded today. We expect profit taking to similarly dominate trading session tomorrow, Tuesday while stability is expected to be restored at the later end of the week.

Commenting on stocks to watch, analysts at Vetiva said: “On the bid cart: Neimeth Pharmaceuticals led other gainers in a relatively bearish session for the day. A cross deal of about 500,00 units at market open cemented the shares’ position as the top gainer for the day, rising 10.00 percent to close at its intra-day maximum price of ₦0.44 while reducing its Year to Date, YtD loss to 43.59 percent as against -48.72 percent recorded on Friday.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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