Stock market dips further by 0.06%

Nigeria’s equities market on Thursday defied analysts’ expectations of renewed bargain hunting, closing 0.06 per cent lower, with a decline of N31 billion.

In a post-trading commentary on Wednesday, analysts at Vetiva Research had expressed cautious optimism that bargain hunters would step in during Thursday’s trading session, “potentially spurring a modest rebound.”

“Nonetheless, the risk of sustained selling pressure may keep the market subdued,” the Lagos-based analysts added.

By the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation declined further from the previous day’s highs of 105,475.38 points and N66.140 trillion, respectively, to 105,426.12 points and N66.109 trillion.

Companies such as John Holt, Chams, May & Baker, and UPDC contributed to the downward trend in the market.

John Holt saw its share price drop from the previous day’s high of N8.60 to N7.74, shedding 86 kobo or 10 per cent. Similarly, Chams fell from N2.23 to N2.04, losing 19 kobo or 8.52 per cent.

May & Baker also declined, moving from N8.80 to N8.10, a decrease of 70 kobo or 7.95 per cent, while UPDC’s share price slipped from N2.90 to N2.70, dropping 20 kobo or 6.90 per cent.

Meanwhile, stocks such as Access Holdings, Fidelity Bank, Zenith Bank, and Tantalizers witnessed significant trading activity. Investors engaged in 11,393 transactions, exchanging a total of 423,617,754 shares valued at N9.181 billion.