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

Date:

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.

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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.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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