Following losses in 18 stocks, the Nigerian Exchange Limited reversed three days’ gains to reopen on a bearish note even as capitalisation fell by N30 billion.
United Capital Plc said: “Looking ahead, we expect to see a gradual reduction in activity in the market as the MPC meeting draws nearer. In addition, we expect the impact of the increased benchmark lending rate on equity markets to continue to take effect. Investors are expected to continue cherry-picking stocks with solid underlying fundamentals.”
Pharma-Deko went up by 2.63 per cent to close at N1.95 kobo while NPF Microfinance Bank appreciated by 2.47 per cent to close at N1.66 kobo.
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